Facebook has set up a $50m fund tasked with working on a metaverse solution over the next two years, which will mark the start of a much longer development process.
The social media giant has flirted with the idea of a metaverse in the past but is finally moving forward with the concept.
The company details other uses of the fund as well as well as “global research and program partners”.
Facebook expects to involve numerous companies in the development process as the company acknowledges that building a metaverse is not an undertaking that can be accomplished by one or two tech giants alone.
As per the company's expectations, the metaverse will enable people to interact and exchange digital goods. Even with the solid financial backing and interest, Facebook doesn't foresee a fully fleshed-out metaverse to arrive within the next decade.
Facebook has called upon NGOs and non-for-profit organisations as well as universities to preside over the ethical development of the metaverse.
In a way, Facebook is falling behind developers such as Decentraland's open-world metaverse, but is now ready to catch up.