Mark Zuckerberg recently announced that Facebook change name to “Meta” to build technologies to connect. People are at the center of any technology and the aim is to grab the massive economic section. The term “Facebook” encompasses only a few aspects of the company, but their motive is to create a Metaverse Company.
Facebook name change shows a transition from being a social media company to Metaverse Company. The Facebook name change will not affect the corporate structure. There has been intense inquiry and scrutiny before its name change.
The Facebook Company that controls different apps like Facebook, Instagram, Messenger, and WhatsApp is changing its name to Meta, but not the apps. Now the apps will come under “Meta Parent Company”.
Facebook Changes Its Corporate Name To “Meta”
Facebook changed its corporate name to “Meta”. This name change is only applicable to the parent company and not to the apps under it. According to the company’s founder and chief executive officer Mark Zuckerberg Meta refers to a technology known as “Metaverse”. It is a virtual environment that people can easily access and experience using any device.
Zuckerberg also revealed a logo for “Meta”, a blue infinity shape that replaced the thumps up “Like”. The new logo was launched at the company’s headquarter, in California.
Significance Of The Facebook New Name “Meta”
The new name of Facebook “Meta” put emphasis on the company’s aim, ambitions far beyond the boundary of social media. Facebook’s new name Meta is mainly based on the term “Metaverse”. It will motivate people to explore the virtual world.
Users can able to enjoy the online, virtual world and can relate very easily. It’s actually the world of endless, interconnected virtual platforms that encourage people to meet, talk, work, and play. They can use virtual reality headsets, augmented reality glasses,es and smartphone apps.
1.Metaverse: its Nature and Scope- Facebook for the first time attempted to move forward to incorporate virtual world into reality. It used the term “Metaverse” that generally take Virtual Reality (VR) and Augmented Reality (AR) to some new level.
The term Metaverse was coined in 1992. Neal Stephen, a science fiction author first used this term. Facebook changes its name to Meta in order to create a virtual environment that will permit people to be present with others in digital spaces.
Metaverse is the immersive online realm that resembles the real world. It is computer generated. People can easily explore the digital world using Virtual Reality headsets.
2.Face book’s Viewpoint on Metaverse- For Facebook, Metaverse is the next evolution in case of social networking. Instead of posting photos, commenting on any posts people can wear VR headsets and AR glasses for gaining more experiences of the digital realm.
It will create a feeling of closeness, where people attending meetings will be able to feel that they are sitting in a particular room for the meeting purpose. People can also use several gestures to share their feelings and emotions.
3.Reasons Why Facebook Change Name to “Meta”- Facebook change its name to “Meta” keeping in mind about future generations. The probable reasons are-
- Facebook change its name to “Meta” or “Metaverse” in order to enhance the virtual reality technology.
- People instead of browsing, posting photos and sending messages can have a feeling of togetherness or physical presence of that person.
- Users can also interact with several virtual versions of real people and places.
- The new name Meta or Meta platforms can bind together all apps and technologies under one company brand.
- The name Facebook cannot encompass several activities and projects that the company aimed to undertake, whereas the new platform provides enough scope for the users to do anything they imagine.
- People can get together with their friends and family to work, shop, learn and play on the Meta platforms.
- Also the name changed as there is a scandal regarding privacy of Facebook.
4.Official Reasons behind the Facebook Name Change- Before taking any decision to change a company’s name, it is very essential to look after various aspects that are related with it. If the previous name is causing drawbacks, then it should be taken into considerations.
Firstly, the Company’s name “Facebook” does not reflect on its actual activities.
Secondly, Apps like Instagram, Whatsapp is all part of Facebook company but have little connection with the Facebook app.
Thirdly, The blue app cannot fulfill the desire of future generations because of its limited scope.
5.Importances of the Term Meta- Facebook name change to “Meta” to emphasize on “Metaverse” version. It’s a step forward to rebrand Facebook. The term Meta is a Greek word that denotes “symbolizes there’s always more to build”. The word Meta means “after” or “beyond”.
- The name “Meta” will encompass whatever activities the company performs.
- It will also broaden the reach of people beyond social media to the world of virtual reality.
- The new name Meta will put more stress on online 3D virtual space.
- The new name indicates that in future users can able to teleport instantly.
- The new name has much probability to spread the knowledge of fiction among the users.
- The new brand name will have strong privacy system and will be safer to use.
Facebook rebranding to Meta will bring a change to the company’s stock symbol. Facebook is now under the ticker FB, will start trading under the ticker MVRS from 1st December onwards.
The change from FB to MVRS may create a shortfall in the business but gradually the new ticker will go for the long run. Changing symbols is quite natural but it is not mandatory that rebrand a company also need to change its ticker symbol.