Facebook announces an investment of $50 million for Metaverse development

New Ideas in MarketingEssential news for marketers, summarised by YouGov
September 29, 2021, 2:10 PM GMT+0

The company is tying various AR, VR-related projects to build the next stage of digital connection.

Facebook has announced an investment of $50 million towards research programmes that would explore further development of the digital Metaverse concept. This announcement closely follows CEO Mark Zuckerberg’s statement about Facebook becoming “a Metaverse company”. Metaverse refers to a virtual-reality space where users can interact with each other, within a computer-generated responsive environment, through their digital avatars.

While there are many smaller variations of metaverse – with video games like Roblox and Fortnite – the broader Metaverse concept involves a large-scale digital platform. With VR headset sales rising and elements like NFTs and other digital connections gaining momentum, Facebook is looking to build a significant and key holding ground with its metaverse project.

The California-headquartered company is trying to link projects pertaining to AR and VR development to the emerging Metaverse concept. Similarly, Facebook’s recent promotion of its AR/VR chief to the role of the company’s CTO also points to its focus on Metaverse.

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