Facebook announces $50M investment fund to help develop its virtual metaverse

Facebook has set aside $50 million for the next two-years through its XR Programs & Research fund. Facebook announced that $50 million will be allocated to a fund for two years, which will help the firm realize its vision of a virtual world. Facebook announced its roadmap for building its virtual metaverse on Sept. 27, with funding to support “global research” and “program partners”. The fund will not be able to start work immediately. The announcement stated that we will collaborate with industry partners, experts, and policymakers to bring this to fruition. The funding will be distributed through Facebook’s XR Programs and Research Fund. Rumours of Facebook’s plans to create a virtual metaverse started in June. The company announced that it would partner with industry experts and policymakers to make it a reality. You can create 3D environments, avatars, and showcase a variety of digital content that can be monetized. The Sandbox, an NFT-powered game, allows users to buy digital plots and create gaming experiences.

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