Facebook, the company that owns platforms including Facebook, Instagram, and WhatsApp, announced that it would change its name to “Meta” in an effort to move into the future of the internet, called the Metaverse.
It is important to note that Facebook, WhatsApp, and Instagram will retain their names. Just the company that produces and maintains them will now be – Meta. Similar to Google’s 2015 corporate restructuring into a parent company called Alphabet.
Apart from numerous memes on Facebook circulating the internet, Facebook’s name change is more than just a rebrand. With approximately 3 billion users, this change will be a revolution, bringing Metaverse closer to reality.
With the new name, the social media giant shows the company’s growing ambitions beyond social media. Facebook, now known as Meta, has adopted the new name, based on the sci-fi term metaverse, to describe its vision for working and playing in a virtual world.
What is Metaverse? And Why The Metaverse?
The Metaverse doesn’t exist—at least not yet. The idea was popularized by the 1992 novel Snow Crash by Neal Stephenson, a persistent virtual reality world navigated by the book’s protagonist.
In the Metaverse, you can go to school, work, play games, watch concerts, browse store shelves, and much more without ever leaving your home. We are talking about years or even decades into the future before this becomes a reality.
We already have experience with real-time interactions. These worlds include live events, interaction with friends’ avatars, buying virtual goods, and even shopping at brand-name stores. But none resemble the parallel digital reality Facebook envisions.
How is Metaverse Relevant to Crypto?
Before we look at how relevant crypto is to the Metaverse, we should first ask who will benefit from the metaverse technology? The answer is crypto companies, online gaming, and digital assets broadly are expected to benefit the most. A winner could be online gaming platforms and marketplaces that use nonfungible tokens, or NFTs, as in-game tokens and collectibles.
NFTs are the digital key to unlocking the Metaverse. It is the same technology that underpins cryptocurrencies like bitcoin. An NFT, or a nonfungible token, is a unique digital asset stored on a blockchain. The tokens give users ownership in the digital world.
How is the crypto community faring with Facebook’s new moniker?
Crypto online communities and their game tokens saw a surge of interest after Facebook changed its name.
Investors are seeing Facebook rebranding as a sign of growing acceptance of cryptocurrencies. Mana, a lesser-known cryptocurrency, soared over 400 percent after Facebook announced the rebranding to Meta and hit an all-time high of $4.16. Meanwhile, this news coincided with a rising interest in altcoins and meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB).
We are in the fourth generation of the crypto revolution. First came currency, then came DeFi, next NFTs, and now the Metaverse. We cannot comprehend the possibility that will come out of the Metaverse, but one thing for sure is that Metaverse is set to change the world for good, like the internet.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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