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It has been represented in such media as вЂњSnow CrashвЂќ and вЂњReady Player One,вЂќ and Ethereum -based metaverse worlds such as Decentraland (shown above) and CryptoVoxels already exist.

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What is the metaverse? ItвЂ™s a term that we hear often in the crypto industry, especially as decentralized projects attempt to create future online worlds and experiences free from the oversight and control of centralized entities-like Facebook, for example.Д®ssentially, the metaverse refers to shared online spaces in which users-represented by 3D avatars-coexist and interact together. ItвЂ™s a вЂњstarting pointвЂќ for Facebook, per the announcement, as it attempts to co-create the future online metaverse.

Today, Facebook announced the XR Programs and Research Fund, a two-year initiative to fund both its own projects and external research as the firm explores the future of online social interactions. Facebook co-founder and CEO Mark Zuckerberg said in June that the social media giant is on a path to become вЂњa metaverse company.вЂќ Now the firm is putting its money where its mouth is, revealing plans to spend $50 million over the next two years to help bring the metaverse to life.