Facebook rebrands as Meta as its emphasis shifts away from social networking

Mark Zuckerberg, CEO of Facebook, stated Thursday that the company’s name has been changed to “Meta” after his presentation of his metaverse vision earlier today. The name change underlines Facebook’s expanding goals outside online social networking, a technology it helped pioneer two decades ago.

Meta’s common stock will now trade under the ticker symbol MVRS. Jack Dorsey, the CEO of Twitter and a proponent of Bitcoin, took a jab at the archrival, claiming that the moniker is “self-referential.” Barry Silbert, CEO of Digital Currency Group, used the occasion to promote the Decentraland virtual reality powered by the MANA coin.

Gabor Gurbacs of VanEck expects that Meta will ultimately collide with Bitcoin. In April, rumors of Facebook adopting the world’s biggest cryptocurrency began to circulate. Zuckerberg said in May that he was renaming his goat “Bitcoin.”

Facebook’s social media platform will retain its current moniker. Facebook Connect is an annual conference that brings together developers, content producers, and marketers working in virtual reality. This year’s event places a premium on the metaverse idea, which has grown in popularity as a result of blockchain technology.

Since at least the summer, when Facebook announced the launch of a new team devoted to constructing its metaverse, the change to Meta has been in the works. During the company’s most recent earnings call, it revealed its intention to spin out Facebook Reality Labs — its virtual reality hardware business — into a separate sector in the fourth quarter.

While the word “metaverse” has become a catch-all for enterprises seeking to connect the virtual and real worlds, the usage of cryptocurrency is often seen as a significant boost to these settings. This is because metaverses let users to directly purchase and sell virtual areas, avatars, and even structures. Numerous blockchain initiatives, like Axie Infinity, Decentraland, and Enjin Coin, are aiming to advocate the metaverse transition.

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