In July, Facebook had announced that it is working on the metaverse. The social media giant has now revealed that it will hire around 10,000 people across the European Union in the next five years to create its metaverse.
The metaverse is likely to find a home in Facebook Reality Labs, the company’s virtual and augmented reality group. The company has allotted around $50 million toward creating the online world. Epic Games and Roblox reportedly have an early stake in this endeavor.
More on Facebook’s metaverse
The latest announcement will bring Facebook closer to building its own metaverse. The social media firm has also tested a virtual reality (VR) remote working application on the Oculus platform. This platform allows users to use the Quest 2 headset to conduct meetings in innovative avatar versions.
Facebook said that interacting with people online will become a much closer experience and similar to interacting with people in person. The investment is like a vote of confidence in the strength of the European tech space and the quality of talent the region has to offer.
Over the past few years, Europe has become very important to Facebook. Right from the European workforce to the number of businesses that use Facebook, the number has seen a steady rise each year. It is safe to say that Europe has played an important role in Facebook’s growth over the last decade.
Besides, it is one of the most exciting times for the European tech industry. The region has favorable laws and regulations along with a large consumer market. This makes it one of the most desirable places to invest.
Even in the past, Facebook has committed to creating a virtual space. The firm will work in collaboration with industry experts, academia, and the government. The success of this venture will rely on developing interoperability across different services to enable multiple company experiences to work together.
Facebook has also made a name for itself for acquiring rivals. However, the company insists that the metaverse will promote competition and fuel the growing digital economy across the EU.
What is the metaverse?
Metaverse is tipped to be the next major advancement in the tech world. Facebook calls the metaverse a group of virtual spaces which you can explore with your friends and people who are not physically present with you.
Facebook’s metaverse will allow you to meet, play, learn, shop, and work with friends. A lot of users will have a 3D avatar as their representation in the virtual world.
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