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On Thursday, Facebook inc. announced its company name change to Meta, the first major rebranding operation for the social media conglomerate.
The new name reflects the company’s growing ambitions that reach beyond social media and was unveiled by CEO Mark Zuckerberg at the Facebook Connect conference. The company also laid out its vision for creating a “metaverse” that merges online social experiences with the physical world.
Facebook Connect is an annual conference that brings together virtual reality developers, content creators and marketers. This year’s edition of the annual Facebook Connect event is heavily focused on the metaverse concept, which has boomed thanks to blockchain technology and brings together developers, content and marketing specialist.
Meta has been in the works for a while now. This summer Facebook first announced the formation of a new team dedicated to building its own metaverse.
The term “metaverse” is the catch-all phrase for businesses looking to bring together virtual and physical worlds. Notably these environments are powered by cryptocurrencies as the different metaverses allow users to transact in virtual lands, buildings and avatars. Known metaverses currently are blockchain networks such as Axie Infinity, Decentraland and Enjin Coin.
According to Vishal Shah, Facebook’s head of metaverse products, the company’s goal is to “provide a way for as many creators as possible to build a business in the metaverse.” He also said
“There will be many different kinds of creators in the metaverse. Creators who make digital objects, creators who offer services and experiences and those who build entire worlds like game creators do today.”
Shah described new types of ownership models and specifically mentioned nonfungible tokens, or NFTs. The new Meta platform will be the ideal place and “make it easier for people to sell limited education digital objects like NFTs, display them in their digital spaces and even resell them to the next person securely,” Shah said.
In another expression of Facebook’s metaverse obsession, starting December 1, the company’s stock will trade under ticker symbol MVRS.