Facebook Launches $50 Million Fund to Explore the Metaverse

Facebook has announced that it will invest 50 million dollars in a fund focused on metaverse research, according to a statement released on September 27. Andrew Bosworth, Vice President of Facebook Reality Labs, and Nick Clegg, Vice President of Global Affairs, stated that the company will collaborate with policymakers, experts, and industry partners.

The responsible parties said that the research will help deepen human connection regardless of physical distance and without being tied to devices. The global program will focus on ensuring responsible product development. They expect that the metaverse will not emerge overnight, but rather it will be a journey of 10 to 15 years.

The two-year research fund is aimed at making the metaverse fair and equitable and identifying specific challenges within the space. There are many opportunities, as evidenced by the massive expansion in 2021.

Regarding how it intends to build these products responsibly, Facebook stated that it will work with experts in government, industry, and academia to consider the possibilities and  challenges. This collaborative effort also includes human rights and civil rights communities.

Generally speaking, the key areas being considered are economic opportunities, privacy, security and integrity, as well as equality and inclusion. Some partners have already signed on, including the Organization of American States, Africa No Filter, Electric South, and Women in Immersive Technology.

Facebook has previously attracted attention for its stablecoin project Diem. Originally known as Libra, the initiative faced sharp criticism from lawmakers and cryptocurrency enthusiasts. Controversies led many entities to withdraw from the project, although it seems to be in a much more stable state now. 

The primary concern that the former group has is that the stablecoin could undermine currency sovereignty. Since then, the project has undergone redesign, attempting to make it more palatable to regulators. Facebook may also incorporate NFT features into the new digital wallet.

The increasing amount of resources that Facebook plans for blockchain-related technology is an indicator of the technology’s potential. Major tech companies were initially resistant to anything related to blockchain and crypto, but this has significantly changed in recent years.

Facebook expects to launch Diem by the end of the year, as many countries are initiating their own central bank digital currency (CBDC) efforts. How the project will fare as countries launch their own CBDCs remains to be seen, but the social media giant appears confident enough to offer a tentative release date.

{embed_digitalno_izdanje}{/embed_digitalno_izdanje}