Facebook, Inc. Common Stock (NASDAQ: FB) Informed That It Is Spending $50 million to Construct The Metaverse Responsibly

Facebook, Inc. Common Stock (NASDAQ: FB) has made it official that the group has set aside funds to the tune of $50 million. The group will reportedly spend the money to build what it calls metaverse. In technical terms, it is referred to as XR Programs and Research Fund. The group went on record and stated that the funds would be judiciously invested into programs and the external research wing of the organization for two years.

Facebook, Inc. Common Stock calls metaverse the next computing platform

The announcement blog of the organization called metaverse as the next computing platform. It is a known fact that in the past, the group has backed academic research that deals with the social impact of AR wearables and solicited VR hardware proposals. The company also confirmed that it would work closely with researchers, professionals, experts in this field, and industry partners while building it.

According to the company, metaverse means virtual spaces used to create and explore people

In the announcement, the metaverse concept was defined by Facebook, Inc. Common Stock. According to the company, virtual spaces can create and explore other individuals that a user is not physically present. The group also defined the fund’s goal. With the funds allotted for the respective initiative, the group confirms that it will construct metaverse in such a way, making it compatible with other services. Besides this, factors like privacy, safety, economic opportunity, and inclusivity will be taken care of by professionals working on this project. Currently, the group’s most extensive metaverse program is christened Horizon platform. Horizon is functional as a beta Oculus app, and it is powered with the ability to allow people to have VR meetings.

Researchers will be supported with funds and not data, confirms a source from Facebook, Inc. Common Stock

The group will partner with organizations like Women in Immersive Tech, Africa No Filter, Electric South, and the Organization of American States. It will also seek the help of independent external research” with organizations like the University of Hong Kong and the National University of Singapore. When probed for clarity on how the study will remain separate from Facebook, Inc. Common Stock, a source from the group shared that the group will sponsor funds for the research and not data.

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Published by Flavia Carruth

Hi, I am Flavia and have done my MBA with finance as specialization and a Bachelor in Economics with 4 years of experience as Financial Analyst in leading Software Firm. I have passion for article writing, report making and stock market Analysis.

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