Facebook changes its name from Facebook to Meta as it shifts its emphasis to the “metaverse” and brings about a wide range of securities of the real-world harms from its several platforms after an informer leaked many internal data.
The CEO and founder of Facebook, Mark Zuckerberg on Thursday said that Facebook is set to change its corporate name to Meta. This Meta Facebook meaning the namesake service of Facebook to be just among the subsidiaries of the company along with WhatsApp and Instagram, rather than the universal brand. To understand the idea better you can have a look at the Facebook Meta video.
The company which was before known as Facebook also asserted in a press release that it has plans to initiate trading under the toker name “MVRS” on 1 December 2021. The stock price of Meta closed up on Thursday.
The change of name from Facebook to Meta was announced at the virtual and augmented reality conference. The latest name portrays the evolving ambition of the company beyond the sectors of social media. Facebook, which is presently known as Meta, has approved the latest moniker that is based on the sci-fi term “metaverse”, to illustrate its vision for playing and working in a virtual world. According to Meta CEO,
The company in July announced the creation of a team that would operate on the metaverse. After two months, the company asserted that it would raise Andrew “Boz” Bosworth, who is presently the hardware division head of the company, to the job role of Chief Technology Officer in 2022. And on Monday, in its third-quarter earnings results, Meta asserted that it will break out Reality Labs, which is its hardware section, into its own segment of operation that is beginning in the fourth quarter. In a letter, Zukerberg wrote,
Over the last few years, the company has evolved with its effort in hardware by introducing a line of Portal video-calling devices, releasing the Ray-Ban stories glasses, and launching varied versions of the Oculus virtual reality headsets. The company has said that virtual reality and augmented reality will be a crucial part of its strategy in the future. Along with that, the company also asserted this week that it will spend nearly $10 billion over the upcoming year for developing the technologies that are needed for the creation of the metaverse.
On Thursday, Zuckerberg offered a presentation of the company’s aims for the metaverse. The demo offered was a Pixar-like animation of software that Meta hopes to create someday. The demo had users laying out in space as cartoon-like interpretations of themselves or fantastical characters, similar to a robot, that portray their virtual selves. Zuckerberg availed part of it to blame other tech firms for stifling innovation with high developer charges.
Zuckerberg asserted a lot of this is a long way off, with components of the metaverse possibly becoming conventional in 5 to 10 years. The company anticipates
Zuckerberg added. He further said that,
Along with that, Meta announced a new VR headset that has been named Project Cambria. This will be a high-end product that will be accessible at a higher price point compared to the $299 Quest 2 headset, the company in a blog post said.
The company also declared the code name of its first complete AR-capable smart glasses: Project Nazare. The glasses are “still a few years out,” the company stated in a blog post. Zuckerberg said,
The Bottom Line
Facebook changes its name from Facebook to Meta. This change in the name has many reasons attached to it. One among them is that Facebook aims to extend its arena in the augmented and virtual reality world now, and so it has derived its name Meta from “Metaverse”.