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.