Earlier this week, the social network giant announced its plans to work with multiple entities to create its metaverse. To accomplish this, Facebook announced the allocation of $50 Million for the Metaverse research and program partners.
Facebook Swing at Metaverse
The announcement from the company reads that the social network company will not rely on any company to get the project done overnight. But instead, it will focus its attention on cooperating with several parties, including experts, industry partners, and policymakers, to bring the project to life.
The funding worth $50 million will be targeted primarily for global research of the project and also connecting the program partners to ensure the products are responsibly developed. The Metaverse from Facebook will work as a series of virtual spaces where the users can relate with people who are not in the same physical space as they are.
“With the product, you will be able to hang out with your friends, learn, play, work, shop, create and do more, and it is not necessarily about using more time online but about making the time spent online more meaningful.”
The ambition of the social media giant is quite deeper as it promised that the Metaverse product would work independently of the existence of the social media network. This large project will require more time from Facebook to set it up, and Facebook affirms that it could even take over a decade.
The project could take that long because its success depends on several factors, including how robust its interoperability is across services, which will allow different companies to collaborate.
Ultimately, the XR Research and Program Fund will work with the $50 million investment for two years.
The Concerns Around Privacy
In an attempt to set up its own crypto project, Facebook has faced different criticisms all through the year concerning its privacy or even the lack of it. As a result, that, one of the major focuses of the Metaverse project under development would be to minimize the amount of data needed to run the program.
In doing so, the companies working on the project will work on building technology that enables privacy and protects the data usage of the users giving people more transparency and control on how their information is being used.
For Metaverse to compete and thrive in the thriving digital economy, it will have to enhance the security and the accessibility of its users.