Facebook Confirms To Invest $50M For Developing Its Metaverse


Facebook has confirmed that it will be investing at least $50 million over the next two years to develop its metaverse. The investments will be made as a part of the company’s XR Programs and Research fund.

The virtual metaverse is a Facebook project that is inspired by the increasingly popular crypto and NFT markets. In an announcement, Facebook has said that they now have a clear roadmap for developing its Metaverse. The funds will be shared with their “global research and program partners” song with their internal R&D team. 

“The metaverse won’t be built overnight by a single company. We’ll collaborate with policymakers, experts and industry partners to bring this to life,” the announcement read.

Facebook’s plans to build a virtual platform had surfaced earlier in June. However, there weren’t a lot of confirmed reports throwing light on how Facebook was going to develop the Metaverse and how the project would work. 

While the company has planned a two-year period, experts say that it will take not less than a decade to make a functional Facebook metaverse. 

In the decentralized Metaverse, users will be able to interact digitally in a virtual format. Capitalizing on blockchain technology the Metaverse will add to the fun of using Facebook.

Mike Litvinov
Mike Litvinov
Mike is our project manager who ensures everything is up to date on crypto update without fail every single day and every single time. He believes if he had not gotten into the analytics and management he would have had his ice-cream parlour where he would sell all flavours butterscotch at discounts higher than most token pre-sales can offer.

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