Social Media platform Giant Facebook invests $50 million to build the metaverse, which is described by the company as "virtual spaces where you can create and explore with other people". Facebook actively invests in AR/XR related products i.e Horizon.
What's the fund used for? Facebook says this amount will go in building responsible virtual spaces, which is using less of users data and keeping privacy intact while making the technology inclusive and accessible
Does it even matter? For a giant like Facebook, investing 50 million is actually like a drop in an ocean because it makes a lot more in a single quarter but it gives a positive sign to the ecosystem and may encourage new players to build products around it