Facebook Inc is set to invest $50 million to partner with organizations in order to build metaverse, which is a digital world where people can use different devices to communicate and move in a virtual environment.

• Facebook is the world’s largest social network that has invested heavily in virtual reality and augmented reality.
• It has also invested in developing hardware like Oculus VR headsets and is working on AR glasses and wristband technologies.
• New XR Programs and Research Fund will invest the money globally in two years in order to build inclusive and empowering metaverse technologies.

Metaverse is a set of virtual spaces where one can create and explore with other people who aren’t in same physical space. Using this virtual space, one would be able to hang out with friends, play, work, learn, shop and create. This space is not necessarily about spending more time online but is about making time one spends online more meaningful.

• To develop the Metaverse, Facebook will work with experts in government, industry and academia in order to think through issues and opportunities in the metaverse.
• Success of Metaverse depends on building robust interoperability across services, only then experiences of different companies can work together.
• Facebook will also involve human rights and civil rights communities to ensure that these technologies are built inclusive and empowering way.