Meta, a social media company with a focus on the Metaverse, has revealed plans to assist universities in launching their virtual reality campuses. As a part of the ‘Immersive Learning’ initiative, which is dedicated to transitioning education into virtual reality settings, the company will establish 10 virtual campuses.
Furthermore, Meta is set to collaborate with Victoryxr, a virtual reality education startup based in Iowa. Alongside this partnership, Meta is committing an investment of $150 million into the project.
Meta Will Support Metaverse Campuses!
One of the most significant applications of virtual reality and Metaverse technology lies in the potential for implementing education and virtual reality classes. Meta, a leading social media company, is actively working to realize this concept.
Part of its efforts includes assisting 10 universities in launching their Metaverse-based campuses. Among these is the University of Maryland Global Campus (UMGC), an online university with over 45,000 students. These students will now have the opportunity to gather and share experiences in an online Metaverse environment.
The University plans to offer five courses on its Metaverse campus without additional costs compared to traditional courses. However, there is a limitation on the number of headsets (necessary for attending lectures) that the university can provide to students.
Other institutions participating in this project include the University of Kansas School of Nursing, New Mexico State University, South Dakota State University, Florida A&M University, West Virginia University, Southwestern Oregon Community College, California State University Dominguez Hills, and Alabama A&M University.
Victoryxr Partnership
Meta is set to donate Meta Quest headsets to various institutions, enabling students to actively participate in lessons. A key objective of Meta’s Immersive Learning project is to enhance student access to these technologies through collaborations with organizations and universities.
Part of Meta’s $150 million investment will be allocated to producing headsets in conjunction with Victoryxr, the designer of the Metaverse campuses.
Additionally, Meta has supported universities in financing the design and construction of these virtual spaces, which cost about $50,000 for a campus comprising five to seven buildings.
Steve Grubbs, the founder of Victoryxr, commented on the initiative, highlighting that ‘education’ presents an exciting application for the Metaverse. Furthermore, Meta’s Immersive Learning aims to empower creators globally with Metaverse-related skills and create immersive experiences for students.
Reality Labs, the Metaverse division of Meta, reported a $2.8 billion loss in the second quarter of 2022. There are discussions suggesting that Meta’s venture into virtual reality is leading to financial losses for the company.
In August, the company issued its first bond, raising $10 billion in debt for investment purposes. However, Meta’s CEO, Mark, has expressed confidence in the Metaverse as the future, asserting that the company will eventually generate revenues far exceeding the current perceived losses.
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