October 2021 witnessed Facebook rebranding itself to Meta and even launching a new logo. Everyone was surprised as well as curious about this sudden move and wanted to know the reason behind it. This news was undoubtedly the main highlight of Facebook; oops, we mean ‘Meta’s’ annual Connect Conference held on October 28, 2021.
Mark Zuckerberg, Meta’s CEO and founder of Facebook, also announced the new initiative “Metaverse.” This is a technology that will bring elements of the physical world and virtual world together. Once metaverse launches and becomes available to the public, users from all over the world will be able to access it using various devices.
The internet went into a frenzy over discussions and speculations over why Mark Zuckerberg was so eager to rebrand an already global brand Facebook to Meta. At the time of the announcement, the company had already invested $50 million to build a responsive metaverse.
According to Facebook’s claim at the time, this project will create more than 10,000 new jobs in the market. While Facebook’s new name was Meta, it promised that the other brands and subsidiaries working for the parent company would continue to operate with their existing names.
Concept Behind Facebook Rebranding to Meta
Before the announcement came, there were already speculations in the market about Facebook moving towards a rebranding strategy. According to Mark Zuckerberg, the reason behind rebranding was multiple arrays of products and services linked to the company, such as Facebook, WhatsApp, and Instagram.
He further added that all the products are so tightly intertwined with the name Facebook that it becomes impossible to represent everything the company does. The concept behind the rebranding strategy is to align Facebook with the demands of the future.
The company does not want to be known just as a service provider of social networks and chatting software. Over the next few years, Facebook wants recognition as a metaverse brand or company. Therefore, the parent company gave itself a new identity of “Meta” to anchor its work and build a broader brand identity.
Another thing worth remembering here is that all brands working under Meta, such as Facebook, WhatsApp, and Instagram, will keep their original names. Only the parent company producing and maintaining these platforms will now be known as Meta instead of Facebook.
This is not a new strategy, as the world witnessed search engine tech giant Google rebrand itself, and the parent company was given a new name, Alphabet, in 2015. However, Facebook not only changed its name but also redesigned the logo for the parent company. You can see the new logo on Facebook’s headquarter.
Metaverse Explained
The Metaverse will be a combination of a physical world and a digital world that is online with 3D virtual space. You will be able to connect to the metaverse from around the world. You will be able to gather and connect for all sorts of reasons, including entertainment, business, shopping, communication, and more.
This virtual world will also be able to integrate several multiple platforms just like the traditional Internet connects different websites in a single browser window. While it may sound like a concept from a Sci-Fi movie, it is real, and it is here! Some even go as far as to say that Metaverse is the future of human society.
Drivers Behind Metaverse
The virtual universe of Metaverse will be all about augmented reality (AR). Each user existing in the magical digital verse will be represented by an avatar or a character. This is something similar to using an Oculus VR headset that mixes elements of the virtual world with the real world around you.
You will be able to work at your office in the virtual world and right away jump to relaxation mode by hanging out with your friends or playing a blockchain-based game. In simpler terms, whatever your personal preferences and tastes might be, you will be able to build your own version of Metaverse around you. Metaverse marketplace will act as a universal shopping arena for virtual users.
The Future of Metaverse
As Meta continues to create a buzz around introducing a unified virtual universe, businesses are looking for ways to align themselves to get some early-bird advantages. From adapting crypto-based solutions to creating digital assets and NFTs, brands are thinking outside the box to make the most of the metaverse.
Meta has been very clear that the metaverse is going to be crypto-powered with its own Diem Stablecoin at the center of its economy. The idea behind the metaverse is to transform the financial system and promote remote work for people across the world, especially in developing countries.
Apart from Meta itself, several other industry giants are already taking an interest in the creation of their own metaverses. Some of the big names include the likes of Apple, Google, and Microsoft.
The Bottom Line
While the transformation of Facebook into a Metaverse-based company was critical, the prospects look promising so far. Metaverse will usher in an era where people will be able to connect, interact, communicate and conduct business virtually.
Facebook getting behind Metaverse may have accelerated the evolution of Metaverse and will also act as a catalyst for the development of other technology. This includes the development of devices and gadgets to access and engage in the metaverse. The devices include virtual reality (VR) headsets and other gadgets with haptic feedback to offer a sense of touch and more.
Meta already has its very own virtual reality platform known as the Oculus Virtual Reality (VR) Gaming platform. This will be the user’s gateway to enter the metaverse.
Now that you have an idea of what metaverse is and how it works, you will be able to understand the technology better. If you are an investor, getting on board the metaverse creation and investing in the metaverse will help you enjoy early-bird advantages in years to come.
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