• Live Crypto Prices
  • Crypto News
    • Worldwide
      • Bitcoin
      • Ethereum
      • Altcoin
      • Blockchain
      • Regulation
    • Australian Crypto News
  • Education
    • Cryptocurrency For Beginners
    • Where to Buy Cryptocurrency
    • Where to Store Cryptos
    • Cryptocurrency Tax in Australia 2021
No Result
View All Result
CryptoABC.net
No Result
View All Result

Doubts Raised Over Facebook’s $50 Million Investment In Building A ‘Responsible Metaverse’

September 29, 2021
in Australian Crypto News
Reading Time: 3min read
0 0
A A
0
Doubts Raised Over Facebook’s $50 Million Investment In Building A ‘Responsible Metaverse’
0
SHARES
4
VIEWS
ShareShareShareShareShare

In what’s widely viewed as a “never mind that mess, look over here” move, troubled social media giant Facebook is to spend US$50 million over the next two years on metaverse-related initiatives and partnerships.

Advocates of the metaverse, a system of shared online spaces used for social interactions, games and more, believe it will also help change the nature of work and offer new digital economic opportunities to users around the world.

But as decentralised projects try to create future online experiences free from oversight and control, it’s exactly the pervasive influence of centralised entities like Facebook they seek to avoid.

FB Attempts to Create a Diversion

In an attempt to diffuse criticism of its track record on user privacy and cultivating misinformation, Facebook vows it will build metaverse products “responsibly”. Australian journalist and digital consultant Abhishek Baxi summed up the reaction of many in the crypto community with this tweet:

We’ll work with experts in government, industry and academia to think through issues and opportunities in the metaverse. For instance, its success depends on building robust interoperability across services, so different companies’ experiences can work together. 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.

Facebook post, September 27

Facebook’s initial partners in the metaverse initiative include the Organisation of American States, Women in Immersive Tech, and African organisations Electric South, Africa No Filter and Imisi3D. It says it will also consult with researchers at Seoul National University, the University of Hong Kong, and the National University of Singapore on these efforts.

No Single Entity Can Rule the Metaverse

Facebook stresses it doesn’t intend to singlehandedly create or oversee the eventual metaverse. “The metaverse isn’t a single product one company can build alone,” tweeted Nick Clegg, Facebook’s Global Affairs VP. “Just like the internet, the metaverse exists whether Facebook is there or not. And it won’t be built overnight. Many of these products will only be fully realised in the next 10-15 years.”

The metaverse isn’t a single product one company can build alone. And it won’t be built overnight. This gives us time to ask the difficult questions about how it should be built, and collaborate with policymakers, industry & academia to guide our work. https://t.co/MSyTfASyIe

— Nick Clegg (@nickclegg) September 27, 2021

Both Clegg and colleague Andrew Bosworth, Facebook Reality Labs VP and co-author of the company’s metaverse post, drew Twitter fire from digital media veteran Jason Kint:

Facebook’s Nick Clegg talking “metaverse” quoting colleague “Boz” as a response to a respected journalist in a Facebook-sponsored session after global backlash and sunlight is peak Facebook and exactly what NYT reported FB wants to have happen while Sandberg and Zuckerberg hide.

— Jason Kint (@jason_kint) September 27, 2021

Clegg and Sheryl Sandberg, Facebook’s operations chief, have effectively replaced Mark Zuckerberg as the company’s frontline promoters. In turn, last week Zuckerberg replaced his chief technology officer with Bosworth, a close friend and the company’s longtime head of hardware, in a move that underscores Facebook’s intended transition from troubled social media purveyor to futuristic tech provider.

Share this article

Join in the conversation on this article’s Twitter thread.

Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.


Credit: Source link

ShareTweetSendPinShare
Previous Post

UNI Token Leads DEX Gains Amid China Exchange Ban, Up Nearly 50% In 24 Hours

Next Post

JPMorgan CEO Still Doesn’t Like Bitcoin But Admits It May Go 10x Within 5 Years

Next Post
JPMorgan CEO Still Doesn’t Like Bitcoin But Admits It May Go 10x Within 5 Years

JPMorgan CEO Still Doesn’t Like Bitcoin But Admits It May Go 10x Within 5 Years

You might also like

Breakout in Sight? SUI Set To Test Crucial $3.5 Resistance With ATH in View

Breakout in Sight? SUI Set To Test Crucial $3.5 Resistance With ATH in View

June 8, 2025
GENIUS Bill Progresses as Senate Clears Path for Bipartisan Stablecoin Oversight

GENIUS Bill Progresses as Senate Clears Path for Bipartisan Stablecoin Oversight

June 12, 2025
Investors Are Fleeing Ethereum, On‑Chain Numbers Reveal

Investors Are Fleeing Ethereum, On‑Chain Numbers Reveal

June 14, 2025
Nvidia Plans to add Innovation in the Metaverse with Software, Marketplace Deals

NVIDIA Unveils Major Updates to Isaac Sim and Isaac Lab at COMPUTEX 2025

June 11, 2025
XRP Price To New All-Time Highs Above $4 – Analyst Reveals When To Take Profit

XRP Price To New All-Time Highs Above $4 – Analyst Reveals When To Take Profit

June 11, 2025
Bitcoin Weekly Chart Flexes Strength—Is The Moonshot Just Getting Started?

Bitcoin Weekly Chart Flexes Strength—Is The Moonshot Just Getting Started?

June 9, 2025
CryptoABC.net

This is an Australian online news/education portal that aims to provide the latest crypto news, real-time updates, education and reviews within Australia and around the world. Feel free to get in touch with us!

What's New Here!

Former Crypto Executive Appointed To Serve As SEC’s Director of Trading and Markets

Former Crypto Executive Appointed To Serve As SEC’s Director of Trading and Markets

June 15, 2025
Shopify x CoinBase φέρνουν το USDC στο καλάθι αγορών

Shopify x CoinBase φέρνουν το USDC στο καλάθι αγορών

June 14, 2025

Subscribe Now

  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 cryptoabc.net - All rights reserved!

No Result
View All Result
  • Live Crypto Prices
  • Crypto News
    • Worldwide
      • Bitcoin
      • Ethereum
      • Altcoin
      • Blockchain
      • Regulation
    • Australian Crypto News
  • Education
    • Cryptocurrency For Beginners
    • Where to Buy Cryptocurrency
    • Where to Store Cryptos
    • Cryptocurrency Tax in Australia 2021

© 2021 cryptoabc.net - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Heart NumberHeart Number(HTN)$0.000000-30.47%
  • TadpoleTadpole(TAD)$0.000000-1.76%
  • SEENSEEN(SEEN)$0.000000-2.27%
  • EvedoEvedo(EVED)$0.000000-0.80%
  • MarginswapMarginswap(MFI)$0.000000-2.17%
  • SakeTokenSakeToken(SAKE)$0.0000004.37%
  • WTF TokenWTF Token(WTF)$0.0000000.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.000000-5.83%
  • RobotinaRobotina(ROX)$0.00000038.50%
  • CageCage(C4G3)$0.000000-3.67%