Facebook just dropped some groundbreaking news that’s got the NFT community buzzing. Well, I can’t say Facebook because the company changed its name to Meta. That’s right, Meta!
Of course, it won’t be changing the name of its popular social network, but the corporate company’s name now reflects what NFT enthusiasts have been working to bring to life, the Metaverse! In fact, the company is even working to change its ticker symbol on the stock market from “FB” to “MVRS.”
Here’s the scoop:
Why Did Facebook Change Its Name?
Over time, Meta, formerly Facebook, has grown from being the world’s most popular social network to being an all-out digital conglomerate. The company has its fingers in so many areas of the digital space, it’s hard to fathom. In his announcement Zuckerberg even pointed to the fact that Facebook has outgrown its name and is ready for a big change.
It all boils down to what the company represents. Starting as a social network, the company has always been one that brings people together. However, the digital landscape is changing, and in today’s world, there are several ways to bring people together, along with new technologies that can, eventually, be used for the same.
In an effort to continue its goal of bringing people together, Meta wants to play an integral role in the buildout of the metaverse, or a virtual world where people can meet and interact.
To do so, the company plans on spending billions of dollars, with the ultimate goal of creating a virtual world, accessible by any device including virtual reality and augmented reality devices, where consumers can communicate. In this virtual world, you’ll be able to put on your headset and knock on a figurative door to talk to your friend, avatar to avatar, no matter where in the world your friend is.
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Meta Sees a Fundamental Shift
While there’s not much conversation about this online, it’s clear that Meta sees a fundamental shift coming, one driven by web3, the blockchain, and NFTs. In fact, in his announcement, Zuckerberg said that Meta will work to play an integral role in the virtual asset world and that Meta’s social network, Facebook, would soon support NFT functionality.
The fact is that the blockchain has given the world a way to actually own digital goods. Not in the sense that when you log into an account, you can stream a movie you’ve paid for, but in the sense that you actually own that movie. It can be traded or sold in the digital realm at your will.
At the same time, this technology is bridging the gap between creators and consumers. Musicians, painters, and other artists are now connecting with their audiences like never before. At the same time, the technology seems to be bridging the social divide, allowing creators that would have had a hard time breaking into their industries direct access to their consumers.
Ultimately, web3 is changing the internet as we know it, both in how we see digital assets and their value, and how we communicate with one another. Zuckerberg and his company, Meta, see this fundamental shift taking place and they’re making a multi-billion dollar bet on it succeeding in an effort to maintain its leadership position as a community developer.
Bringing the Metaverse to Life
Meta is diving into the metaverse in a big way, and one of the major goals of the company is to bring the metaverse to life through hardware. In fact, the company recently introduced a line of portal video-calling devices, including the Ray-Ban Stories glasses and the various versions of the Oculus virtual reality headset.
Moreover, there’s a new virtual reality headset coming from the company soon. Project Cambria is expected to produce a high-end virtual reality device available at a higher price than the $299 Quest 2 headset. It’s expected that this headset will be released next year.
This hardware engine is a nod to the company’s work in the metaverse. Again, it wants to create a place where your avatar can talk face to face with your friends’ avatars from anywhere in the world. To do so, VR hardware is a must, and Zuckerberg made it clear that this type of hardware innovation will be key to Meta’s strategy in the future.
The Bottom Line
The bottom line here is simple. We’ve been saying for some time now that the blockchain and web3 are going to change the internet as we know it, and now, it’s clear that Meta, formerly Facebook, feels the same way.
We’re at the beginning of the evolution of the internet, much like receiving AOL discs in the mail was the beginning of the last phase of the internet’s evolution. As more and more major companies dive in, and enthusiasts get involved, the industry is only likely to continue growing.