Explained: Facebook Rebrands Itself as Meta- How can Metaverse cover FB's past?

Facebook announced its new brand name - Meta and its model in the company's annual Connect Conference on October 28, 2021. In a briefing, Facebook's founder and CEO- Mark Zuckerberg informed the users that Meta is a technology of Metaverse. It is a shared virtual environment that is easily accessed by people using various devices. Check what exactly is meant by Metaverse and why was Mark Zuckerberg so eager to rebrand Facebook as a metaverse.

The company has already announced the plan to invest 50 million dollars to create a responsible metaverse. This act would be generating 10,000 new jobs as well. 

However, WhatsApp and Instagram would remain the same but would now function under a new parent name - Meta.

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Facebook now has a new parent company entirely just like Google is now recognised by Alphabet. Facebook does not wish to be left behind in this race for Metaverse as CEO Zuckerberg wants it to be known as more than just a social media platform. 

Facebook has also gathered much negative light due to its apparent whistleblowers which gives Zuckerberg all the more reason to shift his brand from just being a social media platform to Metaverse. 

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Metaverse: The Idea

The idea of Metaverse and this term was first used in the novel of Neal Stephenson published in 1992. This Novel is like Gods voice to various Tech Giants who feel that one day, just like the novel, the Governments of the world would hire private companies to deal with modern aspects like virtual reality, digital currency and others. But the main idea of metaverse became popular since the Matrix movie came out. 

What is Metaverse?

This term has been explained completely in the article linked below. For this question, one must find himself imagining a different world parallel to the original one lives in. The people in that world would have various identities different from their original lives. 

Going by the scientific explanation: Metaverse is a post-internet world with a decentralised computing platform of all sorts which may be continuous and in real-time. It would lead to an entirely digital economy most Silicon Valley and Governments see it as. 

However, Facebook is not the only company planning on it. Fortnite is a major company that has built the elements for its Live shows, Digital Currency etc. 

What is Facebook's Plan?

Facebook turning into Metaverse is quite critical. Metaverse would be a digital world where one would spend most of his time interacting with his/her friends with higher value virtual assets and where rules would be completely different. Facebook has its own Oculus VR Gaming platform, which would be a gateway for its entry into the metaverse. 

As per Facebook with Metaverse, "You’ll be able to hang out with friends, work, play, learn, shop, create, and more. It’s not necessarily about spending more time online — it’s about making the time you do spend online more meaningful."

In September, Facebook announced the XR Programs and Research Fund. It is a two-year $50 million investment in programmes and external research in partnership with industry civil rights groups, NGOs etc.