Facebook will launch a millionaire fund to develop a virtual universe

Facebook has informed that it will launch a fund of 50 million dollars for the development of a virtual universe.

This initiative will target a two-year project involving several key research and technology partners; the news was released as part of Facebook’s roadmap to building its metaverse.

It started in June, when Facebook announced the creation of a team dedicated to bringing the CEO’s vision to life. Mark Zuckerberg for the Metaverse. “It’s an important part of the next chapter in the tech industry.”Zuckerberg said. Over the next five years, he said, Facebook will grow from “Primarily a social media business to a metaverse business.”

A metaverse is a virtual universe, also known as a digital universe, which is created by the union of virtual reality (AV) and augmented reality (AR), including the sum of all virtual worlds, augmented reality and the Internet. Metaverse is a compound word formed by meta, which means transcendent, and verse, abbreviation of universe, which means universe. The term is often used to describe the concept of a future iteration of the Internet made up of continuous 3D virtual spaces that are shared and connected in a transcendent virtual universe that is perceived as the real world.

In the ad, the company details: “The metaverse will not be built overnight by one company. We will work with policymakers, experts and industry partners to make it happen. “

The “metaverse” provides a virtual space for individuals, allowing them to interact, create and share with others who are not in “the same physical space” There people can work, go out, learn or even shop, all in a virtual world.

The virtual environment in a metaverse is not a one-size-fits-all product, the company explained, saying the whole idea could be updated in 10 to 15 years.

“There is a long way to go. But as a starting point, we’re announcing the XR Research and Programs Fund, a two-year, $ 50 million investment in research and external programs to help us in this endeavor. “

Facebook plans to collaborate with experts from all walks of life, from government, the tech industry and academia to civil rights groups and nonprofits. According to the social media giant, the goal is to explore how best to build the metaverse.

Among the initial partners, Facebook will work with the Organization of American States, Africa No Filter, Imisi3D and Women In Immersive Tech. The program will also benefit from independent external research from several universities around the world. These include Seoul National University, National University of Singapore, Howard University, and University of Hong Kong. Together, researchers and academics from these institutions will focus on key issues such as privacy, data protection, security and ethics. The theme of responsible design research and economic opportunities will also be important.

Crypto enthusiasts may already know what a metaverse looks like given the success of projects like Decentraland with its MANA token, an Ethereum-based virtual reality platform launched in 2017 and open to the public in February 2020, with users able to explore, create and exchange in the metaverse.

Another big metaverse in blockchains is Sandbox, a non-fungible token (NFT) powered game where players can purchase digital packages and create gameplay experiences on top of them to share with other users.

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