Facebook has changed its name and is now called Meta (metaverse). Based on his business plans, he seems to have done it to conquer the world from the metaverse. For this, Facebook will use the NFTs and its digital wallet Novi. Its founder and CEO, Mark Zuckerberg recently called the Metaverse the “successor to the mobile Internet.” Facebook will move from being a social media company to becoming a Metaverse company, Zuckerberg said.
The Verge publication announced last week that Facebook would change its name to link its brand beyond social networks. With the new name, Facebook wants to become a global benchmark for the construction of the metaverse. The new Meta aspires to transfer its old business model to the metaverse. You want your nearly 3 billion users around the world to be able to develop their own virtual businesses, economies, and lives in your metaverse without any limits.
Facebook will change its name to become a Metaverse company
Meta, the new chapter of social interaction
During his presentation In quarterly earnings, corresponding to the third quarter, Zuckerberg yesterday revealed some of his plans to make Meta an industry leader in the metaverse. A virtual realization where its users can socialize, study, work, play, have fun, create businesses, buy and sell objects, connect and much more. All this in third dimension.
NEWS: “Horizon is the social platform Facebook is building in the metaverse.” – Zuckerberg
Some photos: pic.twitter.com/Tl7qUvJMgi
— The Hustle (@TheHustle) October 28, 2021
Zuckerberg assured that his priority now is the construction of Meta and indicated that his metaverse will put the user at the center of the experience, instead of being left out, as a simple spectator. Within its metaverse, Facebook is building its own social network called Horizon, The Hustle newsletter reported.
Facebook moves from the “like” economy to the avatar economy
Facebook, Meta and Metaverse
The burgeoning industry of NFTs and online games will be an essential part of Meta. Facebook will offer support for non-fungible tokens or NFTs, fostering the creation and development of powerful virtual economies. Vishal Shah, Facebook’s Metaverse Product Manager, told CoinDesk that NFTs will allow all Meta participants to build their own businesses.
David Marcus, co-founder of the Diem Foundation, explained that the company is consolidating all its financial and payment products under the Novi brand, the digital wallet recently launched by Facebook in the US and Guatemalan market. Marcus noted that the unification of its products in Novi will open a direct gateway to an inclusive and innovative financial system. In this way, Marcus suggests that Meta’s NFTs could be supported through Novi.
Today with Facebook becoming Meta, we’re unifying our payments and financial services unit and products under the @New brand. Let me unpack what this will mean across @Meta. 1/7 pic.twitter.com/LkWkpMdTxn
– David Marcus (@davidmarcus) October 28, 2021
Facebook turns to Ethereum, Paxos and Coinbase to launch its digital wallet
The great shopping center of the world
In the metaverse of the new company, Facebook users will be able to sell and trade crypto collectibles and unique items in NFT format. As well as displaying their best outfits while socializing, studying, working or having fun online. Of course, some outfits that will also have been purchased in the stores that the brands open in the great shopping center of the world that Facebook aspires to become.
Zuckerberg assures that the virtual fashion business, which expanded significantly in 2020 with the arrival of the pandemic, will be a multibillion-dollar business that moves “hundreds of billions of dollars” in the coming years. Therefore, this will be one of the first businesses that Meta will develop. If users interact with each other on a daily basis, study or work through this new digital universe, they will want their avatars to wear their best outfits, he reported.
CBDC: the digital money of the States that brought the cryptocurrency of Facebook
The CEO of Facebook recognizes that his target audience will be the younger generations, as well as influencers and gamers. They will be willing to pay to personalize their avatars and customize them according to their personal taste and style.
Education and face-to-face work online
The evolution of the internet has led to the creation of new spaces where millions of people can interact with each other, no matter where they are. In addition to online games, distance education and face-to-face work are also gaining an audience in the world. Institutes, universities and companies of all kinds are using the internet to overcome the limitations that the pandemic has left us. Meta wants to take virtual education and teleworking to the next level, through its metaverse. The idea of the company is that anyone can attend, in person, a class or a virtual workspace. To do this, Meta is already building immersive simulated reality platforms.
Within the Metaverse of Facebook it will also be possible to exercise and play sports and have endless other experiences. In September, the company announced the investment of 50 million dollars over the next 2 years to make Meta a tangible reality for everyone.
Facebook begins its transformation from social network to metaverse with $ 50 million
Although none of the proposals put forward by Zuckerberg have yet materialized, his plans have not been to everyone’s liking. Emin Gün Sirer, a computer scientist, professor at Cornell University and founder of the Avalanche blockchain, is not confident in the value that the company could bring through Meta. Emin believes that the Facebook metaverse is yet another attempt to evade regulation and mislead the community.
Facebook’s move to rebrand seems like an asinine play to throw the regulators off their tail.
But I don’t think the regulators are that easy to fool. Nor is the global community.
— Emin Gün Sirer🔺 (@el33th4xor) October 28, 2021
Zuckerberg’s new plans come amid a major reputational crisis for the company. Facebook has been involved in scandals related to the privacy of its users on numerous occasions. The billions of data of Facebook users have ended up being offered on the dark web with relative frequency. Ethical conflicts, violence and hate speech are also part of the company’s history. Likewise, Facebook has also been accused of manipulating the electoral results and of constructing a reality tailored to its advertisers.
Regulators stalk Facebook, about to launch its cryptocurrency Diem
For other people, Facebook’s new Goal would put the health of humanity and the entire planet at risk. Arriving to compare it with the famous animated movie Wall•E, a quote that places us on a post-apocalyptic planet earth.