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Facebook announces $50 million mutual fund tasked with developing its virtual metaverse

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Facebook has announced that it will allocate $50 million in a two-year fund to kickstart the company's vision for a virtual metaverse. 


Facebook has announced that it will allocate $50 million in a two-year fund to kickstart the company's vision for a virtual metaverse. The announcement made on September 27 set out Facebook's roadmap for building its metaverse, with funding to support "global research and program partners" looking to build platforms beyond internal research. Metaverse was not built overnight by a company. We will work with politicians, experts and industry partners to achieve this,” the statement said. Metaverse will allow people to interact with each other, with digital objects and the physical world through their avatars in a virtual environment. Funding comes from the XR program and Facebook's research fund.

In June, rumors began to spread about Facebook's plans to create a virtual metaverse, and the company announced the formation of an executive team to oversee the project next month. In a recent post, Facebook claims that its meta universe "no longer needs to spend time online - it aims to make the time you spend online more meaningful". Despite the $50 million investment, Facebook estimates that it will take more than a decade for the full version of Metaverse to go live, which includes a wide range of products and services. To ensure its metaverse is implemented in an ethical and inclusive manner, Facebook is also working with a number of universities and non-profits representing minority groups, including Women in Immersive Tech, Africa No Filter, University of Hong Kong, and National University of Hong Kong, Singapore.

While Facebook is trying to mobilize capital to start developing its metaverse, cryptocurrency developers have made great strides in building their decentralized and interoperable meta version. Decentraland's open world consists of a community-owned decentralized virtual world based on the Ethereum blockchain. Users can create 3D environments, create avatars, or view various digital content that can be monetized. Similarly, Sandbox is an NFT based game where players can purchase digital plots and create game experiences to share with other users.

While the COVID-19 pandemic is destroying some industries such as tourism and retail, entirely new ones are emerging. Two years ago, the concept of "metaverse" was almost unknown. Today the term is very popular online, with new companies and funds being launched into space every week - billions of dollars have been poured into the industry. Just last week, Mark Zuckerberg announced that Facebook would become a company for the Metaverse.

Meanwhile, some companies with a "meta-universe" have real size or customers, which makes it easy for viewers to dismiss them as a trend that could break. We will warn him. The last time we saw such an explosion take place in crypto was in the mid-2010s. The people who got into cryptocurrency back then – I think Mike Novogratz, Joseph Lubin, Tyler and Cameron Winklevoss, and Anthony Pompliano – are now considered real experts in the field. They had also amassed tremendous wealth by acting quickly when they first saw the opportunity. This is because new industries find great opportunities for people who are creative and agile enough to identify new niches and reinvent themselves. They also create opportunities for the underrepresented because the traditional requirement to hire relevant previous work experience no longer applies when no one in the world actually has the right work experience. This brings back the old saying of the Dutch philosopher Desiderius Erasmus of Rotterdam: “In the land of the blind, the one-eyed is king.” If no one is an expert, then everyone has a chance to become an expert.

Now is the time for the adventurous and ambitious to make a mark on the backbone of the burgeoning Metaverse industry as today's start-up metaverse will be some of tomorrow's Fortune 500 companies (BTC) priced around $12 US Dollars and is something hackers are playing around with. within their dorm. At this point, when an industry is formed - such as an initial outflow - the opportunities are greatest, not only for economic gain, but also for building a personal brand. If you join a company in the early stages of a new industry, you will become not only a co-founder of the company, but also a pioneer in the industry. These early employees laid the foundation for the entire industry, shaped their careers, and established ethics and ground rules. A new generation of executives will emerge around the Metaverse. It's an exciting time to think about being one of them.

Working on the Metaverse will cover everything from blockchain and game programmers to animators, designers, marketers to accountants, recruiters, and lawyers. Small businesses in the real world can grow into big businesses in the Metaverse, where business owners are not burdened with the perils of brick-and-mortar retail. The Amazon store and Etsy store can become a gold mine meta-universe, where customers can interact with 3D products and perform seamless transactions due to the usefulness of blockchain technology. Scientific data show that women are more at risk than men, which (among many, many other reasons) may explain why women are underrepresented in boardrooms, apartment C, and other positions of power. However, much of this difference in risk behavior between men and women may be due to "upbringing" and social norms that have been promoted rather than "nature". Risk tolerance and willingness to take risks haven't completely changed, and the Metaverse offers an opportunity to rewrite history and build a more just (albeit virtual) society.

Web 3.0 is here, and the virtual world is a blank slate – an opportunity for women, not just men, to start early and shape the Metaverse. (Note that earlier in this article we mentioned the pioneers who jumped into crypto in mid-2010, almost all of them were men.) History tends to repeat itself.

But this time it could be different. Here's what we know:

Metaverse is still in its first few days.

Early days mean high risk.

High risk can mean high reward.

The essence of the Metaverse idea is that everyone is an avatar. In the Metaverse, talent takes precedence over all prejudices, including physical appearance. Metaverse opens up a whole new parallel economy for participants willing to immerse themselves in the global community they are building. Now is the time for women to take risks and get involved. If Facebook happened to be human, where would they be now? Most likely in prison... for a very long time. The company's violations are too numerous to list. But Facebook is not human; This is a very profitable company. In fact, it is one of the most profitable companies in the world. Facebook's market cap recently crossed the $1 trillion mark.

When we think of Facebook - more specifically Facebook Inc. - we tend to think of social media platforms that are a bit out of date. It's important to remember, however, that this multi-headed Hydra is a conglomerate that owns 78 different companies, including WhatsApp and Instagram. In other words, Facebook is more than just cat videos and conspiracy theories. Led by Mark Zuckerberg, Smoked Meat Champion, Facebook Inc. is a well lubricated machine. Its power is undeniable and it grows. As Fortune magazine recently noted: "Facebook doesn't seem to be able to do any harm - not through the big ad buyers boycotting its service, not through state and federal investigations, not even through the pandemic."

The COVID-19 pandemic may have brought the world to its knees, but Facebook boss Mark Zuckerberg is yet to feel the impact. Last year he had a small net worth of $82 billion; today more than $130 billion. Now Zuckerberg is trying to create his own metaverse, hoping its value - and power - to increase significantly. Before we talk about the metaverse, it's important to ask one important question: what is a metaverse? Metaverse mixes the words "meta", meaning beyond and "universe", and connects elements of the physical world and combines them with virtual space. American writer and writer Neil Stevenson introduced the term in 1992. Two decades later, no longer confined to the realm of science fiction, the metaverse is almost above us.

In this bold new world, the line between physical reality and the digital world will become increasingly blurred. Indispensable tokens (NFT) and cryptocurrencies are already part of the metaversion experience, but from now on they will be merged with you, the user, in the true metaverse. Even though we currently live, communicate and shop on the internet, we are living our lives very well on the internet after the emergence of the metaverse. Elon Musk wants to take us to Mars, but Zuckerberg wants to take us to the Internet and put us on the Internet. Literally. In a recent interview with The Verge, Zuckerberg described the Metaverse as "an incarnation of the internet where you don't just see the content, you're on it". We became tenants in Zuckerberg's growth house. Rent is paid in the form of a date. That's not a comforting thought. As Wired's Toby Tremaine notes, big tech companies like Facebook have "become a fenced garden, increasingly centralized and controlled by corporate interests." Facebook "now owns WhatsApp, Instagram, and Oculus," which gives them "ownership of our friends, our behavior, our gait, our eye movements, and our emotional state." If Zuckerberg succeeds soon, Facebook Inc. will give us even more control over our lives. I don't think it should entertain anyone but Zuckerberg.

Biometric data is required to access Metaverse. Eye scan, voice recording, pulse, etc. All this information is collected by Facebook Inc. What to do with this data? Given that Facebook has a horrific history of data breaches, this is an important question. What, if any, laws will apply in the metaverse? Will I be penalized if my avatar gives assets to other users, e.g., B. a piece of digital art, steal? What if I live in Canada but my victim lives in Cambodia? If you think the crypto world has a problem with crime, and it does, imagine the problems the metaverse will cause us. Think Grand Theft Auto mixed with real scenes from Haiti or South Africa. Can we trust Facebook to control the metaverse? Of course not. Again, who can we trust the Stranger Police? World government? Help.

For this part, I turn to Matthew Ball, a kind of metaversive mystic. A venture capitalist, futurist and Silicon Valley veteran in one, Ball told me: "The premise of the metaverse means that more of our lives will be online, not just data related to our lives."

Our economy will "work in practice, not just develop digitally (i.e., via email, e-commerce, etc.)". Moving to the Metaverse, Ball warns, will "address many of the current risks such as misinformation, data security, data rights (i.e., portability, forgetfulness, disclosure), and platform control risks (e.g. Apple ownership of application standards, application distribution, application dwelling). What we are experiencing is a kind of digital evolution. The internet has changed the way we deliver information, services and online experiences, but the metaverse - through glasses, headphones and sensors - will revolutionize the way we become human. In essence, the metaverse takes us to the same place completely unknown. The question we need to ask ourselves now is: Should Facebook be the company that got us there?

Smart loudspeakers have become an integral part of our daily lives. In short, we can instruct the device to respond to our shopping inquiries and requests. Simply ordering a diaper or getting a weather report is now relegated to the corner of your brain where what you ate for breakfast this morning; You can remember it, of course, but not without great effort. But don't forget our device. Nor do the companies that produce them own all of the data collected through our interactions. Likewise, the new oil data. These are commodities we cannot see or touch; We can't process it for food production, nor can we use it to charge engines under the hood of our cars. But it is in abundance; it is renewable and consumers continue to operate these machines through their daily interactions with the digital world.

How did we get here?

We can thank smart devices everywhere that follow the example of social media platforms combined with the relatively low cost of building networks that manage them. This is the perfect system - one where data collection becomes cheaper over time as the value of your property grows exponentially. Collecting and storing this data is generally not a bad practice. It is used to drive smart cities, train artificial intelligence, and even drive political change based on public opinion. Calling the practice evil is myopia and a black and white solution to a problem bathed in gray.

Part of the problem is management.

There are important questions to be asked and few regulators are prepared to answer them. Few are aware of the extent of this survey method, nor are they aware of the vast behind-the-scenes market where data is bought and sold as if it were cattle in the market. Apart from targeted advertising, little is known about how this data is used and the danger it poses to our lives now and in the future.

Data is a nightmare scenario for abuse

Get your medical history. Medical professionals and insurance companies are legally obligated - and under professional oath - to treat this information as confidential. However, Google, Apple and Amazon do not. Even without direct information from your doctor or pharmacist, knowledge of these companies is sufficient to paint a very detailed picture of your vital parameters. Remember, these are the companies that have access to your email, search history, location data, shopping habits, and often your photos. Google can read your spreadsheet of dosing instructions or find a list of depressive episodes that you registered with a Google Doc to share with your psychiatrist. Even this postoperative care PDF is used to teach AI as we speak. This is just the tip of the iceberg. Amazon and Google are now filling your home with devices that are always on and listening. Smart TVs collect data that is sold to almost anyone who wants to buy it, and sometimes even record it for you with the built-in camera and microphone. And then there's Facebook. Over the course of its history, Facebook has not only shown little respect for protecting its users from misuse of data, but has also experimented with actively manipulating them to behave in very specific ways.

But even if nothing bothers you and you are willing to pay the price for the convenience of continuing to use your favourite free service, then you should start thinking about the future. Facebook, Google, Amazon and others will argue that they don't sell this data, a point of discussion meant to reassure awkward privacy officers. And while that may or may not be true - each of them got caught saying something and doing something different - imagine the potential for future breaches or abuses of privacy. Imagine entrusting a non-profit with information security that rivals our most advanced government agencies by three letters. And imagine the apathy of most people who continue to feed the insatiable machines of our own creation.

What are we doing?

Starting with education as well as most changes in consumer behavior. It teaches the public that free is not free, and if they value privacy, they will be better able to pay for a service or choose a service that works with a business model they can adopt. Ask yourself what you are willing to sacrifice to share political posts and memes on Facebook. Are you ready to let Google track you for slightly better search results than the competition, both online and offline? Did you know that this product is cheaper on Amazon, or did you just stop shopping comparatively? Informed consumers can and should look for alternatives to mass service. From customer service to business opportunities, our daily lives and the convenience of the internet are traded with an undeniable loss of trust and confidentiality. This could lead to enthusiastic adoption of decentralized digital identity protocols to provide much-needed security. But we're not there yet. So that leaves a choice for each of us. And if you're looking for a friendly alternative to large platforms and apps, this is not in short supply. The decision is yours: continue to use the Internet as usual or take the necessary steps to protect yourself from companies that then collect weapons data for use against us. If you're looking for a change in the law, don't count on it; Few politicians understand the scope of what we are dealing with on a meaningful level. It is up to us to adapt and adopt new products and technologies that are incorporated into our ideology. You are a catalyst for change.

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