Over the last few months, Mark Zuckerberg-led social media company, Facebook, has been associating closely with the blockchain industry and has been keen on being a big player in the industry.
A few days after hinting at a possible name change, Facebook announced on Thursday that it had changed its name to Meta. The announcement was made at the Facebook Connect augmented and virtual reality conference. During the Connect 2021, Keynote, Zuckerberg and other Facebook leaders spent a chunk of their time explaining the company’s reality lab and newfound interest in the virtual world.
Facebook Plans Huge Expansion
The company’s expansion goals are beyond social media, and its ambition is well captured in the new name. Facebook’s new moniker, Meta, is based on the sci-fi phrase metaverse, and it describes the company’s ambition for working and playing in a virtual world.
Speaking of the name change, Zuckerberg said, “As part of this, it’s time for us to adopt a new company brand to encompass everything that we do. To reflect who we are and what we hope to build. I’m proud to announce our company is now Meta.”
Meta to Change the World
Facebook adventure in the metaverse is geared towards introducing a revolution in the coming years that includes how the platform could provide new methods to work, play, exercise, entertain, and so on. The metaverse will not be launched all at once or immediately but rather over the course of the following decade. In particular, Zuckerberg stated that the company’s goal is to reach 1 billion metaverse users in ten years. He plans to adopt a strategy that ensures the longevity of the project.
In a letter he wrote on Thursday, Zuckerberg said, “Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers.”
According to Zuckerberg, Facebook has long been seen as a social media company, but in reality, they are much more. The 37-year-old remarked in the company’s DNA lies a passion to build technology that connects people, adding that the metaverse is the future of connection, just like social media a few years ago.
Facebook has been Introducing Change
Since the year began, Facebook has been introducing a series of changes ahead of its big move. The corporation announced the launch of a team dedicated to the metaverse in July. Two months later, it revealed that Andrew “Boz” Bosworth, the company’s current head of hardware, would be promoted to chief technology officer in 2022. In addition, the social media giant recently noted that beginning in the fourth quarter, it will separate Reality Labs, its hardware subsidiary, into its own reporting section.
Furthermore, Facebook has been on the move in releasing several products that support its virtual reality ambitions. Facebook has released a range of Portal video-calling devices, the Ray-Ban Stories glasses, and several iterations of the Oculus virtual-reality headgear. In the coming years, the media giant has stated that augmented and virtual reality would be a crucial component of its strategy.
Following the name change, existing apps like WhatsApp, Instagram, and Facebook will retain their names but will be under the parent company, “Meta”.