Facebook is betting big on the idea of the Facebook metaverse, a nebulous concept that would allow its users to interact with the internet in a new way. While Facebook is not the only company interested in building this technology, it is hoping to become the leader in the field. It has hired more than 10,000 people to work on the project and has invested tens of billions of dollars in its research. CEO Mark Zuckerberg has backed the project.
Facebook isn't saying that the metaverse will become the new version of the web, but it has stated that it will spend $10 billion on metaverse investments this year. Though the concept is still hypothetical, Facebook has vowed to make it a dominant player, despite the fact that the company has a vast staff of developers working on it.