Facebook Metaverse

By Aleksandra Wilson
3 min read October 1, 2021

The prominent social media pioneer, Facebook, is investing a significant amount of $50 million in creating the Facebook Metaverse. But let’s start at the beginning; what exactly is a Metaverse? “Metaverse” is the word used to describe an online space within the digital environments. A space with social media, virtual reality, and online games. It’s a mix of “meta,” which means “after” or “beyond” and the word “universe”. The Facebook Metaverse developers are trying to get ahead of the critics by making conscious investments and having meaningful partnerships. The budget planned for the next couple of years is $50 million. The budget will be directed towards initiatives related to the project and collaborations. The Facebook Metaverse goal is to create a space for work, social interactions, and games, among other things.

Who’s in Charge of Facebook Metaverse?

CEO of Facebook, declared that the social network pioneer was on the way to transforming into a metaverse firm. Now, the company is actively investing money into that statement. For instance, the team revealed plans to invest 50 million over the following two years to give life to the Facebook Metaverse. 

The concept of the metaverse is already known in the crypto industry. Decentralized projects try to create future worlds and experiences online out of the control and supervision of centralized entities. Facebook is an excellent example of that. In simple terms, the Facebook metaverse will be about shared virtual spaces where users can interact together and coexist. 

What Will Be the Benefits of It?

Developers declared that by opening the door to gaming and social experiences, the metaverse has excellent potential to improve the way we work. Also, they believe that it will create new economic opportunities for users all over the globe. Therefore, it will be somehow similar to the way decentralized autonomous organizations operate. DAOs are built so that their goal is to disrupt the traditional model of companies as we know it.

What Can We Expect From It?

This is a very ambitious and revolutionary project. That’s why the thought does not convince some metaverse developers of Facebook being the one leading its development. There’s a lot of criticism of its record regarding the user’s privacy, and it’s one of the primary sources of misinformation. The company said in previous days that the Facebook metaverse would be built responsibly. They plan to work with expert advisors in the government and industry. For instance, the goal is to work through potential issues and new opportunities in the Facebook metaverse.

Involving communities of civil and human rights has been a must in this project since the very beginning. Most importantly, there’s a need to guarantee that these technologies will be built in a way that is empowering and inclusive.

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