Facebook changes its brand name to Meta, hoping to open a new chapter for the internet. The rebranding emphasizes Facebook’s ambitious vision to spearhead the metaverse movement.
Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection. pic.twitter.com/ywSJPLsCoD
— Meta (@Meta) October 28, 2021
“The defining quality of the metaverse will be a feeling of presence — like you are right there with another person or in another place. Feeling truly present with another person is the ultimate dream of social technology. That is why we are focused on building this,” Mark Zuckerberg revealed in a Founder’s Letter published on account of the major shift.
However, the names of the social media apps that Facebook owns — Facebook, Instagram, Messenger, and WhatsApp — will remain unchanged.
From Facebook-first to metaverse-first
Mark Zuckerberg has been open about Facebook’s branch-out to the metaverse. The company had dropped many hints in the last few days that a major rebranding was in the pipeline. Covering up the iconic thumbs-up sign at the Facebook HQ fuelled further speculations.
— Ed Ludlow (@EdLudlow) October 28, 2021
“From now on, we will be metaverse-first, not Facebook-first. That means that over time you won’t need a Facebook account to use our other services. As our new brand starts showing up in our products, I hope people around the world come to know the Meta brand and the future we stand for.” he says.
Although the vision changes, the company’s mission will be the same; to bring people together. Now in an immersive ecosystem that gives them the power to connect and express themselves.
Metaverse is a shared virtual space in the making where virtual reality merges with physical reality tapping into an array of futuristic technologies like AR, VR, blockchain, AI, machine learning, and more.
Metaverse adds a new dimension to social experience. It enables people to teleport their presence miles away without moving the body and interact with people in a gamified space.
“This isn’t about spending more time on screens; it’s about making the time we already spend better,” he clarifies.
Meta’s role in the metaverse
Meta aims to expedite the development of the fundamental technologies, social platforms, and creative tools required to bring alive the metaverse. They will be woven together with Meta’s social media apps to enable unparalleled social experiences.
Facebook’s dive into the metaverse raises many questions about the credibility of the ecosystem, as the company is infamous for breaching data and privacy rights. The hurried rebranding is interpreted as an attempt to drive attention away from the many allegations it faces.
Zuckerberg touches upon this aspect in his letter:
“Privacy and safety need to be built into the metaverse from day one. So do open standards and interoperability. This will require not just novel technical work — like supporting crypto and NFT projects in the community — but also new forms of governance. Most of all, we need to help build ecosystems so that more people have a stake in the future and can benefit not just as consumers but as creators.”
Although he has not made it clear how Meta will explore blockchain technology, cryptocurrencies, and NFTs, he goes on to reveal that the metaverse will unlock a creative economy that is not constrained by today’s platforms and their policies.
Meta will sell the devices it builds at subsidized costs to help more people onboard the collective journey. Moreover, developer and creator services will be offered at low fees, while not losing money for the company.