"No one company will own and operate the metaverse. Like the internet, its key feature will be its openness and interoperability," Facebook said. Other companies are pouring millions into developing the technology that could turn a fully-fledged version of the metaverse into reality. Epic Games, the company behind Fortnite, has raised $1 billion in new funding, with some of that money set to support its vision of the metaverse.

Meanwhile, other technology giants – Google and Amazon – are investing heavily in innovations that could prove crucial to the development of the metaverse, not least cloud computing and data storage.

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