Facebook to invest $50 million to responsibly build ‘metaverse’

Facebook Inc will invest $50 million to partner with organizations to responsibly build the so-called metaverse – a digital world where people can use different devices to move and communicate in a virtual environment, it said on Monday.

Facebook, the world’s largest social network, has invested heavily in virtual reality and augmented reality, developing hardware such as its Oculus VR headsets and working on AR glasses and wristband technologies. The company has been criticized over its impact on online safety.

The new XR Programs and Research Fund will invest the money globally over two years to ensure metaverse technologies are “built in a way that’s inclusive and empowering,” Facebook said.