Facebook commits four hours’ worth of revenue to responsible metaverse projects

Facebook has been vocal about its desire to become a metaverse company. Now, it wants us to know it’s doing it…“responsibly.”

This week, the company announced a $50 million fund dedicated to creating products and services for the metaverse—defined as virtual spaces to connect with others—with inclusivity, safety, and privacy in mind.

• Think of it as akin to an AI ethics push, but for the metaverse.

The plan: The XR Programs and Research Fund will aim to invest the money into programs and independent research over the next two years, partnering with organizations like Women in Immersive Tech and Africa No Filter, and funding research at academic institutions like the University of Hong Kong and National University of Singapore.

Big picture: To Facebook, $50 million is a drop in the bucket—on average, it’s about what the company made every four hours last quarter. This isn’t the first time Facebook has publicized its responsible tech efforts, either: Amid past controversies, like Cambridge Analytica and the FTC lawsuit, it also pledged $$ to AI ethics and data-privacy research, but it hasn't kept the company out of hot water with lawmakers and the public.—HF