Facebook, the world’s largest social media platfrom went under a rebranding and now will be known as Meta.
The competition for the metaverse is starting to heat up as Facebook formally rebrands as “Meta,” but based on token pricing, it seems that the metaverse’s original pioneers are not feeling threatened. In conjunction with Connect 2021, a day-long digital event hosted by Facebook to explore augmented and virtual reality technologies, the company made the announcement.
Facebook’s CEO, Mark Zuckerberg, noted the company is trying to introduce the “next wave of computing” and move away from its highly controversial social media app, which will continue to be known as Facebook. The name change will also not affect Facebook’s other social networking platforms, WhatsApp and Instagram, just the parent company. The Facebook founder pointed out that the company will soon launch a metaverse, a virtual world where users will exist as avatars, work, communicate, game, and conduct every daily activity in the virtual environment.
Yesterday, the firm’s CEO, Mark Zuckerberg, compared the metaverse to social networking when Facebook got into the industry, saying that the metaverse is the next frontier. In his statement, Zuckerberg said: “From now on, we’re going to be the metaverse first. Not Facebook first. Facebook is one of the most-used products in the world. But increasingly, it doesn’t encompass everything that we do. Right now, our brand is so tightly linked to one product that it can’t possibly represent everything we are doing.”
As part of rebranding to Meta, the company has vowed to support NFTs. According to the Head of Metaverse Products at Meta, Vishal Shah, the firm is exploring new types of ownership, models, and entitlements to help people feel confident that they own something. Shah added: “This will make it easier for people to sell limited edition digital objects like NFTs, display them in their digital spaces and even resell them to the next person securely.”