Facebook changes name to ‘Meta’: Here is what’s in store!

Facebook has officially changed its name to ‘Meta’.

The name change by Facebook is an explicit indication of the company’s intention to stake its future on the new computing platform Metaverse.

Over the last two decades, Facebook rose to prominence with the world’s most recognizable branding: a large blue-and-white letter F. Not any longer. On Thursday, the social networking giant took an undoubted step towards a rebuild, de-emphasizing Facebook’s name and rebranding itself as Meta.

Facebook Inc. has changed its name to Meta, separating its corporate identity from the social network of the same name contained in toxic content and emphasizing the change to a new computer platform focused on virtual reality.

Facebook’s vision is that people get together and communicate by entering a virtual environment, whether they are talking to colleagues in a conference room or hanging out with friends in remote parts of the world.

The world is moving to a new level of technology and digital reality. Engineers and developers are working on future digital iterations of art in the form of real-time conversations and events, and of course, non-alternative tokens (NFTs) for augmented reality and virtual reality games.

Our economy and society will experience a remodelling in digitization across all industry sectors. We are entering a new era in which you and the invaluable work you do will be more important than ever. Businesses are investing in virtual and augmented reality. The technologies that would power the companies’ metaverse ambitions include Meta Reality Labs’ Oculus and Horizon Worlds, as well as Microsoft’s Mesh and HoloLens.

Zuckerberg also showed a video demonstration of the Metaverse, in which people connect as avatars and are transferred to digital versions in various locations and times. He stated that the Metaverse must be designed with security and privacy in mind.

Facebook announced that the hardware division of Facebook Reality Labs, which is in charge of AR and VR efforts, will become an independent reporting entity, with investments in them increasing total operating profit by approximately € 10 billion this year.

“The metaverse is the next frontier,” Chief Executive Officer Mark Zuckerberg said in a presentation at Facebook’s Connect conference, held virtually on Thursday. “From now on, we’re going to be metaverse-first, not Facebook-first.”

About Facebook

Meta is a social technology company that enables people to network, find communities, and grow their businesses. Mark Zuckerberg, formerly known as Facebook before, announced at its annual Connect conference on October 28, 2021, that it had changed its name to Meta.

Facebook was founded in 2004 by Mark Zuckerberg in Menlo Park, California. Friendster, along with millions of other users, sought to buy the company for $ 10 million in mid-2004. Facebook declined the offer and subsequently received $ 12.7 million in valuation from Accel Partners for about $ 100 million.

Facebook expanded to high school students in September 2005, and a photo-sharing feature was added the following month. Facebook received $ 25 million in funding from Greylock Partners and Meritech Capital, as well as former investors Accel Partners and Peter Theil.

The pre-valuation of this transaction was approximately $ 525 million. Facebook then opened its doors to work networks, eventually winning over 20,000 work networks. Finally, in September 2006, Facebook became available to anyone with an email address.

Meta owns several applications and services, including the Facebook App, Instagram, WhatsApp, Oculus VR, Pagemodo Pagebuilder, RSS Graffiti, and Huddle. With over 2.9 billion monthly active users, Facebook is the world’s largest social network.

Conclusion

Technology has given people the ability to connect and express themselves more naturally in recent decades. Metaverse hopes to reach 1 billion people in the next decade, host hundreds of billions of dollars in digital commerce, and support the work of millions of creators and developers.

We are yet to see if this overhaul will solve the detrimental content theme or is just going to be another venture for the firm to bank on. 

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