Mark Zuckerberg, the CEO of Facebook, announced on Thursday that his company will be renamed Meta Platforms Inc. Zuckerberg explained the rebranding by saying that the name Facebook no longer encompasses everything the company does.
It’s a “virtual environment” that you can enter instead of just looking at on a screen, according to Zuckerberg. It’s basically a world of infinite, interconnected virtual communities where people can meet, work, and play using virtual reality headsets, augmented reality glasses, smartphone apps, and other devices.
What is Metaverse?
The Metaverse is a computer-generated virtual world where people can interact. Other growing businesses that aren’t its namesake site include virtual reality hardware company Oculus and virtual reality software company Horizon Worlds, which is still in beta testing mode.
As Facebook transitions to a new identity – Meta – the most “liked” thumbs-up is changing to a pretzel or an infinity.
Mark Zuckerberg, the company’s co-founder, and CEO, said at the company’s Connect conference on October 28 that the rebranding reflects the company’s broader ambitions related to the metaverse and away from Facebook, an identity that is closely linked to all of its products.
“As we move forward, I’ve been thinking a lot about what this means for our company and our identity… We’re now known as a social media company. Facebook is one of the most widely used technological products in history. “It’s a well-known social media brand,” said Zuckerberg.
Given the company’s family of apps, such as WhatsApp and Instagram, as well as its work in virtual and augmented reality, it no longer represents what the company does. “I’m proud to share that our company is now Meta,” Zuckerberg said, “to reflect who we are and the future we hope to build.”
This means that Meta will now own the Facebook, WhatsApp, and Instagram family of apps, as well as its Reality Labs, which is building the metaverse.
The new logo is shaped like an infinity symbol that is slightly off-kilter, almost like a pretzel.
The Facebook app, which allows users to post personal updates and register likes, will not be renamed. Instagram, WhatsApp, and Messenger aren’t either.
The corporate structure of the company will remain unchanged. However, its stock will begin trading under a new ticker symbol, MVRS, on December 1.
Facebook, or Meta, as it is now known, is heavily investing in the metaverse. During this week’s earnings call, the company announced that it will invest $10 billion in Reality Labs this year to help build the metaverse.
In addition, the company will spend $150 million to train creators in new ways to use the metaverse.
“Right now, our brand is so closely associated with a single product that it can’t possibly represent everything we’re doing now, let alone in the future. I hope we become known as a metaverse company over time, and I want to base our work and identity on what we’re building,” Zuckerberg said.
“From now on, we’ll prioritize the metaverse over Facebook. That means you won’t need a Facebook account to use our other services in the future. “I hope that as our new brand begins to appear in our products, people all over the world become familiar with the Meta brand and the future we represent,” he said.
As a result, starting in Q4 2021, Facebook Reality Labs will be reported as a separate reporting segment in the company’s earnings reports.
How is the Company Building It?
The goal of the metaverse is to make it more immersive, so that people can feel each other’s presence instead of communicating through mobile apps.
This would entail creating multiple digital avatars for various occasions, creating your own space, making it simple to teleport from one platform to another, and incorporating security and safety features into the platform. Virtual reality platforms, AR glasses, computers, and even phones can be used to access the metaverse. Horizon, an online gaming tool, is the company’s own virtual reality platform.
“In the metaverse, you’ll be able to do almost anything you can imagine,” Zuckerberg said, “including completely new experiences that don’t really fit how we think about computers or phones today.”
The company will sell the devices at a reduced price to make them more accessible. While the company will offer developers and creators lower fees, it will have to keep some fees high in order to ensure that “they don’t lose too much money” along the way.
“Our goal is for the metaverse to reach a billion people within the next decade, host hundreds of billions of dollars in digital commerce, and provide jobs for millions of creators and developers,” Zuckerberg said.
The acronym for the five biggest American tech companies – Facebook, Amazon, Apple, Netflix, and Google – changes unceremoniously from FAANG to the even less appetizing MAANG as the world’s most iconic social media brand changes its name. On social media, it has elicited a wide range of reactions, from ‘likes’ to ‘angry red faces.’
What About Privacy?
Mark Zuckerberg promised that the metaverse will have the same privacy standards, parental controls, and data use disclosures as his social network.
“Ads will continue to be an important part of our strategy across the social media parts of what we do, and it will probably be a meaningful part of the metaverse as well,” Zuckerberg said during the company’s most recent earnings call.
Well, that’s all we know about Metaverse. We hope this helped you. If you liked this, don’t forget to check out our gaming, troubleshooting, and computing guides.
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