Facebook set to invest in metaverse research

Facebook says it will invest $50m into metaverse research.

The ‘metaverse’ is a shared virtual space based on a digital reproduction of the physical world.

Andrew Bosworth, VP of Facebook Reality Labs, and Nick Clegg of Global Affairs, announced the news as they explained what the metaverse was and what users will be able to do in it.

“You can create and explore with other people who aren’t in the same physical space as you,” the pair said.

“You’ll be able to hang out with friends, work, play, learn, shop, create, and more. It’s not necessarily about spending more time online, it’s about making the time you do spend online more meaningful.”

The metaverse is expected to be a 10 to 15 year project in which Facebook says it will work with experts in government and industry to realise the potential of the project.

Facebook’s future plans

Facebook has made moves that strongly imply its belief in the ever-increasing influence of blockchain-related technology.

The company revealed plans of its blockchain-based payment service Diem as well as potentially including NFT features in Novi – Facebook’s digital wallet.

Diem, which was previously named Libra, received criticism from cryptocurrency enthusiasts and was labelled a failure by former Swiss president Ueli Maurer, but a major redesign has accelerated the project which is expected to be rolled out by the end of the year.