Facebook publicizes a $50M investment fund to develop its virtual metaverse

Facebook publicized that it will give $50M to a 2-year fund tasked with starting work on understanding the company’s vision for a virtual metaverse.

The announcement says that the roadmap of Facebook for building its metaverse, with the funding scheduled to back “global research and program partners” watching to build out the platform in addition to interior research.

“The metaverse won’t be built overnight by a single company. We’ll collaborate with policymakers, experts and industry partners to bring this to life,” emphasized the announcement.

The metaverse will permit individuals to interact with one another, digital objects, and the physical world through their avatar in virtual surroundings. Funding will be paid through Facebook’s XR Programs and Research Fund.

Rumors of Facebook’s strategy to build out a virtual metaverse began circulating in June, with the company publicizing the development of an executive team tasked with supervision the project the following month.