Facebook’s $10M New Fund for VR Creators Hopes It’s Just the Beginning

Facebook’s $10M New Fund for VR Creators Hopes It’s Just the Beginning

Facebook has announced a $10 million creator fund to encourage people to create experiences on its Horizon VR platform, which it is now calling Horizon Worlds. Although Horizon Worlds is still in beta, the company clearly wants more people to be able to create content for the platform and provide more experiences that can be interesting to users.

The money will be given “in the next year” in three main buckets:

  1. A series of community competitions to create the “best world in the horizon”. Facebook will give up to $10,000 in cash to the top three contestants.
  2. A Creator Accelerator program designed to “give people from a variety of backgrounds an advanced crash course in Horizon Worlds creation.” Facebook finished a pilot of the program in September and will accept applications in November for the next iteration of the program, which will launch in “early” 2022.
  3. Grants for developers interested in creating “experiences for the horizon in a particular topic”.

The Creators Fund could help Facebook bet big on the virtual world. The company has invested heavily in its Oculus VR headset and ecosystem, and CEO Mark Zuckerberg has said he wants people to eventually see Facebook as “a metaverse company.” An example of what Facebook’s Horizons Workroom app could look like, designed as a VR meeting room for work.

But as Facebook races to build Horizon World and get people to create content for it, it faces stiff competition from other Metaverse makers like Epic Games (developer). fortnite) and Roblox — both of which also rely heavily on user-generated content.

While Facebook’s Creator Fund is a positive step toward ensuring that creators get paid for creating virtual experiences, I expect the company to invest significantly more in creators down the line. I doubt it has potential; The $10 million put toward the fund is a drop in the bucket compared to the more than $10 billion Facebook earned in profit in the second quarter. Otherwise, Horizon could turn into yet another platform where creators are fighting for scrap while its owners reap rewards.

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