Is Facebook Spending 50 Billion To Develop Crypto Project?

  • 09/28/2021
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Not necessarily, but Facebook’s plan to build a metaverse coincides with the imminent arrival of the Novi wallet.

Covered:

  • Facebook Metaverse Plans
  • Recent Controversy
  • Facebook Crypto Plans

 

Facebook Crypto: Metaverse Plans

Via their blog, Facebook announced plans to “responsibly” build a metaverse by investing 50 billion into research and global partners.

According to their blog, Facebook says, “We’ll work with experts in government, industry and academia to think through issues and opportunities in the metaverse… We also need to involve the human rights and civil rights communities from the start to ensure these technologies are built in a way that’s inclusive and empowering.”

The 50-billion earmarked is a part of their XR Programs and Research Fund. “Through this fund, we’ll collaborate with industry partners, civil rights groups, governments, nonprofits and academic institutions to determine how to build these technologies responsibly.” Some of those partners include Women In Immersive Tech, Electric South, and Howard University.

Many are obviously dubious of Facebook’s plan to build anything responsibly. “The gap between what Facebook is and what the people who run Facebook think it is is fascinating, sociologically speaking,” Motherboard editor Tim Marchman said.

Recent Controversy

Recommended: For more on the Facebook Novi Wallet

Facebook is under fire of late because of leaked documents that show they understood the negative effects of their social media platform.

Metaverse expert Dioselin Gonzalez believes Facebook’s metaverse plans are a part of a plan to combat the negative press. “It is true FB is now heavily promoting social XR, and maybe #Metaverse as a search term increased significantly in April as a result.”

Facebook Metaverse

Credit: Dioselin Gonzalez
https://twitter.com/dioselin

Facebook Crypto Plans

It’s unclear how this relates to Facebook’s Diem stablecoin — there are no overt mentions to crypto in their blog. But, their blog does stress that the metaverse’s success depends on building robust interoperability across services.

Back in August, David Marcus, a Diem board member, announced that the “Novi [wallet] is ready to come to market.” The Novi wallet is the native wallet for Facebook’s Diem stablecoin. According to Marcus, Diem is “… regulated, and we’re confident in our operational ability to exceed the high standards of compliance that will be demanded of us.”

However, according to their blog, the release of a Facebook metaverse does not appear imminent. “Many of these products will only be fully realized in the next 10-15 years. While that’s frustrating for those of us eager to dive right in, it gives us time to ask the difficult questions about how they should be built.”

 

 

 



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