Facebook declares a $50M funding and unveils its metaverse ambitions

Oct 08, 2021 | Shaoni Ghosh

Facebook declares a $50M funding and unveils its metaverse ambitions title banner

The word 'Metaverse' can be segmented into Meta meaning 'beyond' and 'verse', which means universe. Metaverse Technology demarcates the continuity, shedding light on the three-dimensional virtual spaces congregated into 'beyond' the virtual universe.

The ever-expanding virtual space is not only restricted to Virtual Reality (VR) but also introduces the vastness of Augmented Reality in the process. 

 

Driving Metaverse Ambitions

 

Having merged virtual experiences and worlds together, Facebook has previously declared its intent to introduce metaverse technology in the month of July.

Climbing onto one step further to bring one of the most significant features of Metaverse Technology, which is to introduce human interaction and communication, Facebook has recently designated $50M "XR Programs and Research Fund."

 

(Must Check: Facebook adopts Metaverse Technology)

 

The declaration was co-signed by VP of Facebook Reality Labs,Andrew “Boz” Bosworth, and VP of Global Affairs, Nick Clegg.

The funding would enable an external research and partnerships which shall further the company's ambition and simultaneously ensure their metaverse products and technologies to develop responsibly.

 

(Recommended Blog: What is the role of technology in business?)

 

 The introduced amalgamation shares connectivity, interoperability and identity, which Facebook hopes that the metaverse along with AR and VR on both the ends, are the pivotal points of the "next computing platform," as is frequently called by the company.

 

What RoadtoVR reports is that the metaverse is a platform that exists irrespective of the existence of Facebook. And building it in a fortnight is next-to-impossible. However, once it is generated, the focus would shift to creating "robust interoperability" such that different companies can work together; the foundation remains the same irrespective of its diversity.

 

Through its funding, Facebook is going to join hands with "industry partners, civil rights groups, governments, nonprofits and academic institutions" in order to focus on how to introduce these technologies responsibly, such that they are built in a way that's "inclusive and empowering."

 

Having mentioned the above, Facebook has also put forward its statement that it has been working with the Organization of American States, and supporting Africa No Filter, Electric South, Imisi3D and others.

In the past, Facebook has suffered from a range of controversial issues including privacy infringement, user manipulation etc.

 

(Related Reading: Adoption of Big Data by Facebook has raised privacy concerns)

 

Facebook considers the probability of stepping into risks, and therefore it clearly mentioned the sections it needed to work upon. They are:

 

  1. Economic opportunities to maintain the aura of a flourishing digital economy,

  2.  Privacy to enable privacy-control over data,

  3.  Safety and Integrity to protect users via online medium, and 

  4. Equity and inclusion to develop technologies in an inclusive way.

 

The $50M funding would not only expand the spectrum of metaverse technology and give a broader outlook, but also presents a standard procedure of its impact over Facebook's metaverse products.

Tags #Business#Technology