Facebook Renames Itself Meta Platform and Focus on NFTs

Facebook Inc has announced on Thursday that they have changed their company’s name from Facebook to Meta.

Facebook rebrands to Meta Platform to Achieve its "Metaverse" Vision and Focus on NFTs.

Facebook Inc has announced on Thursday that they have changed their company’s name from Facebook to Meta. This is the first major of the social media behemoth. Reports say that this rebranding is part of the company’s ambition to go beyond the realm of social media. After CEO Mark Zuckerberg unveiled the new name of the company at the Facebook Connect conference, an accompanying news release laid out the details of creating a "metaverse" connecting online social experiences with the physical world. The concept of the metaverse proliferated because of blockchain technology. 

In its tweet on October 29, 2021, the "Meta" Twitter handle said:

"Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection."

It also said:

"The names of the apps that we build—Facebook, Instagram, Messenger, and WhatsApp—will remain the same."

Reports say that the process of transition from Facebook to Meta started during the summer when the former first announced the creation of a dedicated new team for building its multiverse. In fact, during its most recent earnings call, the company made it clear that they wanted to break out its virtual reality hardware business, Facebook Reality Labs, into its own segment beginning in the 4th quarter.

The use of cryptocurrencies is a major boon for the multiverse environment, which looks to bridge the virtual world with the physical world. Multiverses enable you to directly buy/sell avatars, virtual lands, and buildings. Many other blockchain projects like Enjin Coin, Decentraland, and Axie Infinity are attempting to transition to the metaverse. 

Vishal Shah, Facebook’s head of metaverse products, has said that the main goal of the company is to help creators build a business in the metaverse. He went on to explain:

"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 underscored the utility of the multiverse by saying that it will help sell physical and digital goods in addition to experiences and services. Businesses can access the ad services of the social network to promote their products and reach new audiences. 

Facebook’s head of metaverse products has specially mentioned NFTs (nonfungible tokens) to describe "new types of ownership models". He said that their new Meta platform will "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."

The popularity of NFTs has exploded this year. In the 3rd quarter itself, the sales of NFTs reached a record US$10.7 billion, which is an increase from a cumulative US$2.5 billion in the first half of 2021.