In a major rebranding effort, Facebook has changed its corporate name to Meta.
The company claims to better encompass what it does, as it widens its reach beyond social media into domains, such as virtual reality (VR).
However, the change is inapplicable to its individual platforms, like Instagram, Facebook, and WhatsApp, only the parent company that owns them. Earlier, there were a few negative stories regarding Facebook, on grounds of documents leaked by an ex-employee.
Previously, another major brand, Google had restructured its company in 2015, calling its parent firm Alphabet. Though the name is yet to gain familiarity.
Facebook head Mark Zuckerberg officially announced the new name as he revealed his plans to develop a “metaverse”, which will be an online world where people can work, game, and communicate in a virtual environment, frequently with the help of VR headsets. He felt that the
existing brand could not have possibly represented everything that we’re doing now, let alone in the future. That’s why the change was needed.
In the future, Mark hopes that they are viewed as a metaverse company and he wishes to anchor their work and their identity on what their organization is building towards.
The word “meta” is derived from the Greek word meaning “beyond”. For a layman, a metaverse may resemble to be another version of VR. However, a few people expect it to become the future of the internet.
Rather than being in front of a computer, people in a metaverse might use a headset for entering into a virtual world to connect with all sorts of digital environments. Hopefully, the virtual world could be practically used for anything from play, work, and concerts, to socializing with your near and dear one.
Facebook has announced its plan to begin trading its shares under the new stock ticker MVRS from 1st December onwards.