Facebook changes its name to Meta in an effort to advance its vision of metaverse

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Facebook changes its name to Meta in an effort to advance its vision of metaverse By Hannah perez

The social network is changing its focus to expand into the metaverse. A Facebook executive confirmed that the company’s metaverse will support NFTs, possibly based on Ethereum.


Social media giant Facebook Inc. is advancing its vision to expand its focus beyond social platforms into the metaverse and has decided to rename the company to Goal to go in line with these plans.

The name change was announced this Thursday by the CEO of Facebook, Mark Zuckerberg, during the annual conference Facebook Connect. In a press release, the firm indicated that the modification is part of the vision of building a “metaverse”That connects online social experiences and the physical world.

I think we are basically going from being Facebook first as a company to being metaverse firstZuckerberg commented in an interview with The Verge. The founder added:

We wanted to have a new brand identity that is directionally aligned with the vision of the future we are working on[…] People think of us as a social media company, but the way we think of ourselves is that we are a technology company creating technology to help people connect with each other.

The name change will see the general company of Facebook expand into the new brand Goal, which will group the social media platforms and other services of the company. In this sense, Facebook and WhatsApp applications, will keep their current brand, reports suggest. Shares of Facebook will begin trading under the symbol MVRS as of December 1.

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Facebook is now a metaverse company

The news about him rebranding of the platform comes at a time when Facebook is expanding its brand. The company first announced the formation of a new team dedicated to the development of its metaverse in June and has continued to advance in this endeavor ever since. Last month, Facebook launched a $ 50 million investment fund to build its virtual environment.

The term metaverse has become popular as companies seek to build bridges between the digital world and the physical world. As such, the term that comes from science fiction literature and was coined in the 90s, refers to the convergence of physical, augmented and virtual reality in a shared online space.

Many in the technology space use the word to describe the future evolution of the Internet where the applications and websites we use today will be replaced by 3D environments. Cryptocurrencies and tokens non-expendable (NFT) are intended as crucial parts in these environments.

For example, NFTs could be turned into 3D avatars that owners can bring to all kinds of web spaces, whether it’s for work, play, exercise, or for social interactions. Also, digital currencies could become the preferred form of monetization in these environments, with which people can buy and sell different digital items.

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In a previous interview, Zuckerberg had already mentioned that the Facebook’s metaverse vision is much bigger than virtual reality-only idea. The idea of ​​the company with the metaverse “is helping people deliver and experience a much stronger sense of presence with the people they care aboutWhen they share online.

A boost to NFTs and cryptocurrencies

In its announcement this Thursday, Facebook confirmed that its metaverse will have support for NFT, possibly based on Ethereum, as reported CoinDesk. Facebook’s metaverse product manager Vishal Shah said the company’s goal is “provide a way for as many creators as possible to build a business in the metaverse“.

This will make it easier for people to sell limited edition digital items like NFT, display them in their digital spaces, and even resell them to the next person safely.

Shah added that Metaverse companies will be able to sell physical and digital goods, as well as experiences and services. There will be many different types of creators in the metaverse. Creators who create digital objects, creators who offer services and experiences, and who build entire worlds like game creators do today ”, he indicated.

Monetization plans could also fit with Facebook’s crypto project. Despite the fact that it has faced rejection from regulators around the world, the company has not departed from plans for a digital currency. A few weeks ago, the company launched a pilot program to test its digital wallet I did not see; although it will not include the stablecoin Facebook native Diem.

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As part of the announcement of rebranding, David Marcus, Facebook’s head of payments and financial services, wrote in a tweet that the company is consolidating all its payments and financial services units and products, including Facebook Pay, under the Novi brand.

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Sources: Goal, The Verge, CoinDesk, Cointelegraph, Decrypt, file

Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

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