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Facebook Changes Its Name To Meta

facebook changes name to meta

On October 28th, 2021, Facebook took a bold step by changing its name to Meta in a bid to distance itself from a crisis-ridden social media business. The rebrand aims to portray the company as an innovative creator of Metaverse, which is predicted to be the new digital world. 

During his 75-minute virtual presentation, Meta CEO Mark Zuckerberg persuaded users to change their mindset about the company, stating that he is thinking and moving beyond Facebook, his problematic social media application. 

He stated that the change of name is part of a move to channel the company’s focus on a virtual universe where individuals can move and interact freely as avatars, socializing at events, shopping at stores, and attending business meetings, all of which will be done virtually. 

Going forward, Zuckerberg plans to put the Metaverse first, which is a new development given that Facebook has been on the front burner for over a decade. The company has taken a major step towards achieving this goal as it plans to hire 10,000 people in the EU region to develop the Metaverse project. It also plans to back the project with $10 billion. 

In the company’s virtual and augmented reality-focused annual conference, Connect, Mark pointed out that Facebook has become one of the widely used products around the globe. 

However, he stated that the Facebook brand name does not cover everything that the company does. Currently, the brand is closely associated with one product, but the rebrand will help encompass every operation within the company. 

What Is the Meaning Behind The Name? 

via GIPHY

The word “meta” is a Greek meaning for “beyond.” Zuckerberg further described the meaning of the name and why he picked it in the Founder’s Letter, which he wrote and uploaded to the Meta website. According to his statement, Meta signifies progress and advancement and that there will always be the next chapter to a story.  

He pointed out that the company’s story began in a dorm room and has grown beyond what anyone could have ever imagined. An idea that was thought out in the smallest of places but now encompasses a collection of apps that help people connect with each other, start businesses, find their voices, and build communities and movements that have impacted the world in numerous ways. 

Why Did Facebook Change Its Name? 

The tech giant has continuously faced numerous criticisms and sanctions in recent years due to its business practices. With this move, the company plans to change the narrative while also showing the world other aspects of its operations, including virtual and augmented reality. 

Analysts claim that the name change is a response to the damaging documents leaked by Facebook’s former employee, Frances Haugen. The documents revealed that the company knew that some of its brands, such as Instagram, had harmful effects on young people; however, it focused on making profit against the advice of some employees. 

Facebook, as it was previously called, responded by denying any foul play, stating that the company has no plans of changing its corporate structure. The rebrand will position the Facebook app as one of the numerous products owned by the parent company, Meta. By making this move, the company will tread Google’s path after establishing a holding company in 2015 known as Alphabet.  

This implies that Meta will be the holding company for WhatsApp, Instagram, Facebook, Oculus VR, Threads, and LiveRail. In addition to this, the company’s stock ticker will change from FB to MVRS from December 1st, 2021, as a part of the rebranding process.  

It plans to invest heavily to create an online world, Metaverse, where individuals can handle their everyday activities in a virtual environment. Metaverse plans to take after mobile Internet, and the developers promise a more immersive experience. The platform will embody the properties of the Internet while including a feeling of presence.  

Therefore, users will move from being onlookers in the world of mobile Internet to being a part of their online experience in Metaverse. According to Zuckerberg, the feeling of presence is the ultimate goal of social technology. Metaverse will focus on making virtual experiences better, unlike mobile Internet, which pays more attention to screen time. 

What Is The Metaverse? 

For now, the Metaverse doesn’t exist, but the idea was coined from Neal Stephenson’s 1992 novel, Snow Crash. It was a VR world navigated by the protagonist character in the book. Other TV shows, movies, and sci-fi books, such as Stranger Things, The Matrix, and Ready Player One, have also explored this concept. 

In the Metaverse, individuals can carry out their everyday activities such as going to work, watching concerts, visiting book stores, playing games, going to school, and so forth without leaving their homes. The Internet has a two-dimensional design with images, videos, and texts displayed on a flat screen. Metaverse, on the other hand, takes a 3D and multi-sensory approach. 

Who Will Build The Metaverse? 

Although the Metaverse will take several years to fully materialize, it is essential to know who will be responsible for its development. Government-funded researchers and academics built today’s Internet for people to have a means of creating and sharing information. 

Mark Zuckerberg stated that no single company would be solely responsible for building the Metaverse in his Founder’s Letter. It plans to engage developers and creators who have an interest in making secure and interoperable products. This will open heaven’s gate to a creative economy where no one is constrained by rigid policies. 

Meta’s role is to facilitate the creation of the important technologies, creative tools, and social ecosystems that will awaken the Metaverse. It also plans to weave these technologies through its social media applications. Zuckerberg strongly believes that the Metaverse can create social experiences that beat anything in existence today; therefore, he plans to dedicate himself to bringing this idea to life. 

Final Thoughts 

The Metaverse has great potential, but emphasis must also be made on its decentralization. It would be disastrous if one company or individual had sole control of this innovation as they would be more powerful than many governments in the world. Therefore, regulations must be put in place from the onset to check the activities of both stakeholders and end-users. 

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Name: Chris Jones

Organization: UrbanLink Media

Phone: 1-855-730-5465

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