Tuesday, May 28, 2024

Facebook Is Spending $50m To ‘Responsibly’ Build The Metaverse

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  • Facebook Inc, a U.S.A-based multinational company recently announced an investment of  $50 Million to build “Metaverse” responsively.

Facebook 50m For Metaverse

Metaverse here defined as a virtual world where people interact, and communicate digitally and virtually using Augmented and Virtual Reality technology. Facebook 50m funding is named “XR research and Program Funds” by Facebook. The company already has a good history of developing VR-based products such as wristbands and VR-powered headsets.

These funds will be used in the field of extensive Research and development in the field of AR and VR for the next two years. Facebook will be joining other organizations and researchers for “responsively” development and research on Metaverse. Facebook has also declared Metaverse as the “next computing platform”.Facebook also owns a metaverse(Virtual reality-based) video game named “Horizon” which was developed by them in 2019. Facebook also commented that they want to build the metaverse in an “inclusive and empowering “ way.

In the initial phase of the operation, Facebook collaborated with Howard University, Seoul National University, and the University of Hong Kong.  Apart from this, they will be partnering with other organizations such as Africa No Filter, Electric South, Women in Immersive Tech, and others.

Nick Clegg, Vice President of Facebook’s Statement

The Facebook 50m funding will bring some innovations in the metaverse and currently, it is only the initial phase going on to research and developing metaverse, said Nick Clegg, Vice President of Facebook.  They will be researching data privacy and safety and will observe if any of their users found anything “uncomfortable” in the metaverse. Also, Facebook said in a blog post that they are trying to research building technologies that can be accessed by all users and will also “encourage competition”. as per Facebook 50m metaverse ar vr clarktheverge.

What Is Metaverse?

Talking about Metaverse is a kind of virtual world on the Internet built with the use of technologies such as Augmented Reality and Virtual Reality. The term “Metaverse “ is coined by joining “Meta” and “universe”. Users can experience it with VR headsets, glasses, and other devices. One of the major areas where it is been applied as of now is VR-based Video games. Minecraft and VR World are some of the most famous VR games. In the metaverse, people connect socially, interact with each other, communicate, etc virtually. Meta verse was first named in 1992 in a book called “Snow Crash”, written by Neal Stephenson. Metaverse is a 3-Dimensional virtual space on the Internet.

Facebook Inc is one of those companies that are already active in the field of AR and VR and now will use the funds in researching and developing Metaverse, responsively. Recently Facebook also announced pausing the further development of “Instagram Kids”, which they were building for children below the age of 13, but due to safety concerns, Facebook paused the development. The company has also been seen in headlines many times in which are related to the misinformed content on the platform and the bad effects on the young generation. 

About Facebook

Facebook is the biggest social media platform co-founded in 2004 by Mark Zuckerburg, Andrew McCollum, Chris Hughes, and Eduardo Saverin.Facebook’s current Chief Executive Officer is Mark Zuckerberg.  It comes under Facebook Inc, which also acquired Whatsapp, Messenger, Instagram, and other platforms and products. In 2012, Facebook announced its public offering. Currently, the headquarters of Facebook are established in Menlo Park, California, United States of America. However, at the time of its foundation, the location was Cambridge, Massachusetts. Users can visit Facebook by entering the URL “ facebook.com “ or by installing the mobile-based application. And use it by registering themselves on the platform. 

Facebook Partners In Developing Metaverse

Coming to the partners of Facebook in the upcoming research and development of Metaverse, there are multiple organizations mentioned by Facebook. Women in Immersive Tech is a Europe-based technology community that connects women across Europe to learn and to achieve growth. The major areas of their focus are VR, AR, and XR. 

Africa No Filter is an African-based non-profit organization, founded in March 2020. Moving further, Universities such as Howard University ( a popular university established in Washington D.C. in 1865), Seoul National University( one of the top Korean Universities, established in 1946 in Seoul), University of Hong Kong( one of the oldest and most popular universities of Hong Kong, founded in 1911) are some of the organizations assisting Facebook in the starting phase of the process. 

The program of responsively building “Metaverse “ will be a two-year long program, according to the company. Virtual reality can be seen in multiple things such as 3-D movies, Video games, and others. Now Virtual Reality combined with some other technologies such as Augmented reality etc will be used in the research and development of MetaVerse. However, further details and updates will be provided by the social media platform itself, as said by the company. 

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