Facebook launches $50 million Yuan Universe Fund to develop Yuan Universe more responsibly

On September 27, the Internet giant Facebook officially announced a $50 million fund that will help the company develop Metaverse more responsibly. The official name of the fund is XR Project and Research Fund, and the company said it will invest in “projects and external research” within two years. Facebook has previously funded academic research on the social impact of AR wearable devices and solicited VR hardware proposals. Facebook’s announcement blog called Metaverse a “next-generation computing platform” and stated that the company will build it while also working with policymakers, researchers, and industry partners.

Facebook launches  million Yuan Universe Fund to develop Yuan Universe more responsibly

The announcement also provided us with Facebook’s definition of the sometimes ambiguous term “metauniverse.” The company describes Metaverse as a “virtual space where you can create and explore together with other people”, and you are not in the real position, but distributed in various products and services. Facebook stated that the goal of the fund is to ensure that it focuses on compatibility with other services, as well as inclusiveness, privacy, security, and “economic opportunity” when building part of the meta-universe. Currently, Facebook’s largest meta-universe application is a platform called Horizon, which exists as a beta version of the Oculus application that allows people to conduct VR meetings.

“Meta universe” is a set of virtual spaces in which you can create and explore together with other people who are not in the same physical space as you. You will be able to hang out, work, play, study, shop, create, etc. with friends. This is not necessarily about spending more time online-it is about making your time online more meaningful.

Meta universe is not a single product that a company can build on its own. Just like the Internet, no matter whether Facebook exists or not, the meta-universe will exist. It will not be built overnight. Many of these products can only be fully realized in the next 10-15 years. Although this frustrates those of us who desire direct input, it gives us time to ask questions about how they should be structured.
—— Facebook’s latest definition of “meta universe”

The company said it will cooperate with organizations such as Women in Immersive Tech, Africa No Filter, Electric South and the Organization of American States. It also stated that it will “promote independent external research” with organizations such as the University of Hong Kong and the National University of Singapore. When asked how Facebook will maintain its independence if it participates in the research, the company said that it will only provide funds to researchers, not data.

Facebook vice president Nick Clegg also talked about the plan, calling it the “beginning” of research on the meta-universe, and said he hopes that when regulators start asking questions about new technologies, it will help provide Answer.

Facebook has recently tried to portray itself as a responsible platform owner. On Monday, after the company strongly opposed a report claiming that the company knew that Instagram was bad for girls, it announced that it would suspend its work on Instagram, which focuses on teenagers. The company also stated that the process by which its algorithms tried to hide which types of posts became more transparent, and denied another report that said the company tried to use news feeds to promote itself. Despite Facebook’s efforts to clarify, it is still deeply controversial: after providing researchers with inaccurate data, Facebook had to apologize to the researchers, and its supervisory committee called for more information on how the platform manages it in different ways. Information about famous users.

Although Facebook has positioned this new fund to focus on Metaverse, given the naming of the fund, it seems to have a wider focus. The company has done a lot of research in the AR/VR field. Although $50 million is a lot of money, this is only a small part of Facebook’s quarterly revenue (not to mention that the fund will invest in two years). This scale does not seem to be in line with Facebook’s emphasis on AR/VR and the future impact of Metaverse.

Facebook said it will continue to share the latest information about the progress of the plan, as well as its additional future partners.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/facebook-launches-50-million-yuan-universe-fund-to-develop-yuan-universe-more-responsibly/
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