US social media giant Facebook Inc plans to invest $50 million USD to work jointly with organisations and groups to build the Metaverse responsibly, the company announced on Monday.
The Menlo Park-based firm pledged the funds amid a wave of measures in recent months to build what is widely seen as the successor platform to the internet.
In a blog post from Andrew Bosworth, Vice-President of Facebook Reality Labs and Nick Clegg, Vice-President of Global Affairs, the company said its XR Programs and Research Fund aims to invest the pledge over two years to facilitate the development of Metaverse technologies “built in a way that’s inclusive and empowering.”
Facebook also plans to collaborate with researchers in four key areas, including data privacy, economic opportunities, safety and integrity, and equity and inclusion, to regulate the development of the Metaverse and provide a feedback loop on concerns of activities taking place in the platform.
The company also hopes to design the technologies and solutions for universal inclusivity and accessibility, as well as to “encourage competition”.
Who Will Join the Initiative?
Key initial partners have included the Organisation of American States in Latin America, Africa No Filter, Imisi3D, Electric South in Africa, and Women in Immersive Tech across Europe.
The National University of Singapore’s Centre for Technology, Robotics, Artificial Intelligence (AI) and the Law at the Faculty of Law will conduct data and privacy research, and Howard University will work to study and examine diversity in information technologies (IT).
Both Seoul National University and the University of Hong Kong with provide the programme with research on ethics, safety, and responsible design for the pilot project, Facebook concluded.
The announcement comes nearly two months after Mark Zuckerberg, Facebook Founder and Chief Executive, said his enterprise would transition to becoming a “Metaverse company,” sparking a race among numerous tech firms to create technologies and solutions to build the rising platform.
