Facebook to Launch Virtual Metaverse With A $50 Million Capital Injection

2021-9-28 16:50

Social media giant Facebook is known to have its hand in different upcoming industries. With the company still working on launching its stablecoin, it appears to now be turning its attention to the virtual world.

Earlier this week, the Silicon Valley giant announced that it would be launching a fund to help launch a virtual metaverse.

Working on a Company Passion

According to an official blog post, Facebook announced the XR Programs and Research Fund – an initiative tasked with creating the firm's virtual metaverse. The fund will start with a capital injection of $50 million from Facebook, with the company planning to conduct internal and external research into building its virtual metaverse.

As Facebook explained, its metaverse will help people interact with each other and digital objects through a new medium.

The company won't be working on the project alone.

The social media firm plans to attract other partners to join the cause. The research and collaboration funding will be distributed via the XR Programs and Research Fund, with Facebook claiming that it hopes to “make the time people spend online more meaningful.”

While its roots appear in science fiction movies, the metaverse has become an increasing fascination for tech firms and the blockchain industry. It essentially refers to a series of shared online spaces that allow people to build online avatars of themselves and interact with each other. The concept has been explored in different movies, and blockchain projects like Decentraland and CryptoVoxels have brought it to the blockchain space.

Facebook has been playing with the idea of exploring the metaverse for a while. In June, company chief executive Mark Zuckerberg reportedly told employees that they would be transitioning from building internally connected apps and hardware to developing a metaverse.

As Zuckerberg explained at the time, Facebook’s vision is to develop a maximalist version of itself, which will span its social presence, office work, and even entertainment.

In July, Facebook established an executive team to oversee the metaverse effort and drive its development.

Facebook’s Other Ventures

The metaverse is so far the latest thing that Facebook appears to be working on. The company and its partners remain focused on getting the Diem stablecoin past regulators and to the market, although that uphill battle rages on.

Then, the company announced plans to support non-fungible tokens (NFTs) in August. David Marcus, the head of Facebook Financial, told Bloomberg at the time that they were looking at different possible ways to step into the NFT industry. Marcus explained that Facebook is in a good position to support NFTs, especially with the company finally finishing work on its Novi crypto wallet.

Novi is market-ready at the moment, but Facebook is waiting to see if regulators finally approve Diem. Marcus told Bloomberg that a Novi launch without Diem would be a “last resort,” although NFT support for it could drive adoption in a way that they hoped Diem would.

The post Facebook to Launch Virtual Metaverse With A Million Capital Injection first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Facebook Libra (LIBRA) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 LIBRA

facebook virtual working still company launching appears

facebook virtual → Результатов: 60


Crypto Roundup: August 23rd, 2021

Bitcoin has once again passed the key milestone of $50K after a week that saw some of the biggest global corporations make moves on the digital asset market. Retail giant Walmart posted a job for a crypto expert to investigate virtual payment options, Facebook announced that their crypto wallet is approaching its launch date, and Microsoft said it is considering using Ethereum to counter-piracy.

2021-8-24 13:38


Мнение: Стейблкоины откроют путь к децентрализации

По мнению генерального директора GIVE Nation и соавтора справочника по стейблкоинам Ализи Сам, стабильные криптовалюты станут «вратами» для крупных компаний к децентрализованным активам. Во время конференции Virtual Blockchain Week Ализи Сам (Alyze Sam) заявила, что большие компании, вроде Facebook и JPMorgan, могут прийти к использованию криптовалют именно через стейблкоины.

2020-4-29 12:09


Фото:

Nobel Prize-Winner Myron Scholes Backs Stablecoin to Rival Facebook’s Libra

The Saga Foundation, a Swiss non-profit created last year dedicated to developing new technologies in open and decentralized software, is launching a new virtual currency called Saga (SGA). The token is connected to the International Monetary Fund’s (IMF’s) cash reserve that can initially only be owned by accredited and identified investors.

2019-12-10 21:00


Facebook’s Libra does not have any characteristics associated with cryptos, claims Jake Chervinsky

The introduction of Facebook’s Libra has been one of the highlights of 2019, but it was not smooth-sailing for the virtual asset. The Facebook-backed stablecoin received collective criticism from government officials, crypto-personalities and a majority of the community, with many questioning its potential use cases and characteristics as a cryptocurrency.

2019-9-7 20:30


Libra’s launch could weaken ECB’s ability to set financial policies, says ECB Board Member

Facebook’s Libra continues to face resistance from institutions across the globe. Yves Mersch, ECB Board Member, was the new entrant to join the list of Libra’s critics. Yves Mersch, who is a former Governor of Luxembourg Central Bank, believed that the proposed virtual asset’s launch could weaken European Bank’s ability to introduce monetary policies and […] The post Libra’s launch could weaken ECB’s ability to set financial policies, says ECB Board Member appeared first on AMBCrypto.

2019-9-2 15:13


Japan Analyses Libra’s Economic Influence And How It Can Affects Financial Stability as G7 Approaches

Japan analyses Libra influence on the economy and the impact it can have on the economy The virtual currency was announced by Facebook on June 18 Japan is analyzing the effects that the recently announced Libra stablecoin would have on the financial markets and the economy. This is according to a recent report released by […]

2019-7-14 19:28


Libra all set for a crucial week, as CEO of Calibra awaits hearing in Washington

It has been a long and exhausting week for Facebook’s Libra cryptocurrency after the imminent crypto asset ended up on the wrong side of most prominent people. Just this week, the social media-backed virtual currency received criticism from the Chairman of the Fed Reserve, Jerome Powell, and soon after, the President of the United States, […] The post Libra all set for a crucial week, as CEO of Calibra awaits hearing in Washington appeared first on AMBCrypto.

2019-7-14 19:00


New Jefferies Survey Shows Users In The US Unlikely To Use Facebook’s Libra Cryptocurrency

According to a recently released research conducted by the financial services company Jefferies, U.S. social media users are unlikely to use Facebook’s new virtual currency Libra. The survey included more than 600 participants and 80% of them answered that they were “unlikely” or “very unlikely” to use the digital asset released by Facebook. Will US […]

2019-7-2 17:32


(+) Bitcoin VPN: Opera Browser Is Quietly Assaulting A Key Crypto-Accepting Industry

People use virtual private networks for a variety of reasons, privacy chief among them. A virtual private network is a good way to mask your location to websites you visit. For people in countries where governments censor content and content providers – including companies like Google and Facebook – must comply with their demands, a VPN is essential to experience the actual internet.

2019-3-20 01:45


Фото:

Facebook’s new VR avatars are more lifelike than anything you’ve seen before

Remember when Facebook CEO Mark Zuckerberg tried to show off his company’s clunky Spaces VR tech by taking a virtual tour of hurricane-hit Puerto Rico in 2017? This is nothing like that. The company has quietly been developing a revolutionary system to create virtual avatars of people that closely resemble them in their facial features and mannerisms.

2019-3-14 16:47


Facebook Data Hack : Will Blockchain Be of Help?

Although data hacks appear to be a consistently growing threat to the virtual economy, nothing quite brings the conversation back to the table than the recent Facebook saga. If you somehow missed the recent events of October 2018, Facebook founder and CEO Mark Zuckerberg confirmed that the platform had been compromised by hackers, subsequently resulting The post Facebook Data Hack : Will Blockchain Be of Help? appeared first on ItsBlockchain.

2018-10-29 13:08