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| Facebook invests $50 million in building Metaverse |
Facebook has announced a $50 million fund to help develop Metaverse, a digital world where people can use different devices to move and communicate more responsibly in a virtual environment.
The company, officially called the XR Research and Venture Fund, has announced that it will invest money in external research and projects around the world within two years to ensure that the Metaverse technology is comprehensive and effective.
The company is the largest social network in the world and has invested heavily in virtual and augmented reality. It develops devices such as the Oculus VR headset and deals with augmented reality glasses and wrist technology. The company has been criticized for its impact on online security.
The company previously funded academic research on the social impact of augmented reality wearables and solicited proposals for virtual reality devices.
The Facebook post described Metaverse as the next IT platform and said the company is working with policy makers, researchers and industry partners to build it.
The company plans to work with researchers in four areas, including privacy and data security, so users can get help if something they see in the Metaverse goes wrong.
He added that it is also exploring how to develop technologies that are inclusive and accessible to all users while boosting competition in emerging industries.
Howard University in Washington, D.C. is one of the first partners in the new Metaverse Fund, which studies the history of diversification in the IT industry and shaping opportunities in the Metaverse.
The company said Seoul National University and the University of Hong Kong are studying safe, ethical and responsible design.
Facebook Metaverse defines it as the following IT platform
The company describes Metaverse as a virtual space where you can create and explore other people who have no real connection to you.
Facebook said the fund's goal is to ensure it creates its own Metaverse that focuses on compatibility with other services, as well as inclusiveness, privacy, security, and economic opportunity.
The company's biggest mega world is a platform called Horizon. It exists as an Oculus beta app that people can use to hold virtual reality meetings.
The company's vice president also spoke about the plan, describing it as the beginning of research on the Metaverse. When regulators ask questions about new technology, he said, he hopes to provide answers.