Godfrey Benjamin Oct 29, 2021 02:10
2 Min Read
The pioneering social media giant, Facebook Inc, has rebranded its name to Meta as it seeks to foster the development of the metaverse, a term made popular by the current craze in the Non-Fungible Token (NFT) ecosystem.
As announced by the company, Chief Executive Officer Mark Zuckerberg introduced the new outfit, the umbrella term under which Facebook, Instagram, and the rest of the company’s apps will operate.
Facebook said the change of name would not impact how it handles its user’s data, but it noted that it would change the model in which it reports its financials.
“Our corporate structure is not changing, however, how we report on our financials will. Starting with our results for the fourth quarter of 2021, we plan to report on two operating segments: Family of Apps and Reality Labs. We also intend to start trading under the new stock ticker we have reserved, MVRS, on December 1,”
Meta said in its name, unveiling that the company seeks to push its broader focus into developing the metaverse so that it connects online social experiences and the physical world. Even though the approach is still in its infancy, Non-Fungible Token projects have advanced these surreal metaphysical experiences for users in the past year.
While Meta’s pursuits are most prominent in the Virtual and Augmented Realities areas, the name change can be a springboard for the company to go all out on NFTs. The company recently launched its Novi wallet and announced the capabilities of the wallet to integrate NFTs. Going by the company’s deep pocket, securing the interest of digital artists who can utilize the wallet through a form of incentive will not be an arduous task.
Since the growth of the metaverse is partly dependent on digital currencies, revisiting its estranged Diem cryptocurrency project may be one of the company’s plans in the mid to long term.