Facebook (FB) Rebrands Itself as Meta

Facebook (FB) Rebrands Itself as Meta

Facebook, Inc. (FB), the world's largest social network, has announced it will rebrand and modify its name to Meta beginning Oct. 28, 2021. Mark Zuckerberg, Facebook's CEO, says the new name is meant to reflect the company's ambition to be a dominant force in the metaverse, which he believes will define the Internet of the future.

Since Zuckerberg acquired Instagram in 2012 and WhatsApp in 2014, he has contemplated changing the name of his company, but he decided to make the switch earlier this year. During a phone interview, he told tech-oriented website The Verge that Facebook is moving from being Facebook first to being Metaverse first. The brand of one of the social media apps was also the brand of the company, he said, adding that this was causing a lot of confusion and awkwardness.

MVRS is the ticker symbol reserved for the company as a reflection of the name change. On Dec. 1, 2021, the company will begin trading under the new symbol.

Investing in the Metaverse

Facebook has reportedly invested heavily in the development of a metaverse that resembles an expansive, immersive vision of the internet. At least $10 billion is estimated to be invested in such development work by 2021 alone. In the project, the company will introduce a unified account system that will work with all its social apps as well as the Oculus Quest headset, Portal, and future devices.

Zuckerberg's Vision of the Metaverse

Zuckerberg released a detailed letter along with the announcement. His comments on the metaverse are summarized below.

We call this the metaverse, and it will touch all our products." "The next platform will be even more immersive, providing an embodied internet where you can participate rather than just view the experience.

In the metaverse, there will be a feeling of presence, as if you were with another person or in another location.

Metaverse users will have access to almost anything they can imagine, including getting together with friends and family, working, learning, playing, shopping, and interacting with computers and phones in a totally new way.

In this future, you will be able to teleport immediately as a hologram so that you can catch up with your parents in their living room, or be at work without commuting."

You'll have holograms instead of physical things assembled in factories for everything from your TV to your board games.

The experience will be accessible on a variety of devices -- augmented reality glasses to remain present in the physical world, virtual reality to fully immerse, and a smartphone and computer for access.

From now on, we will be a metaverse-first company instead of a Facebook-first one. Our other services will be available to you without a Facebook account over time."

The metaverse is supposed to reach a billion people, host hundreds of billions of dollars in digital commerce, and provide jobs for millions of creators and developers within the next decade."

Zuckerberg on His Company's Role and Responsibility

Zuckerberg's letter includes a section entitled, "Our Role and Responsibility." Below are some highlights.

"There will not be one company building the metaverse."

It is our role to accelerate the development of our social media apps that weave these technologies into our metaverse, and to accelerate the development of the fundamental technologies, platforms, and creative tools that make it possible."

"As I wrote in our original founder's letter, 'we don't build services for the sake of making money; we build services for the sake of making money.'"

In many ways, the last five years have been humbling for me and for our company. I've learned that making products people love isn't enough."

As with open standards and interoperability, privacy and security need to be designed into the metaverse from the start. For this to happen, not only will new technical work be required-like supporting crypto and NFT projects in the community-but also new forms of governance."

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