Facebook, Inc. changed its company name to “Meta Platforms Inc.” which refers to the metaverse, the company’s new ventures in augmented and virtual reality or a “virtual environment,” as CEO Mark Zuckerberg described it. A blog post by Zukerberg also says that the company’s corporate structure would not be changing, but how it reports financial results will.
What is the virtual environment/ metaverse?
It is a virtual interactive endless space they created or a “Metaverse” where you will be able to explore interconnected virtual communities. People can use virtual reality headsets, augmented reality glasses, smartphone apps, etc., to experience this world. The virtual reality software is still in beta testing mode and is expected to be available soon in play stores.
Although the technology has been around for quite a while now, The innovation by Facebook reality labs in virtual reality displays great potential, where the viewer can observe with a literal point of view; the users can create their character, communicate with others, work, and play.
New Facebook Logo
The new logo of Facebook is a blue infinity-shaped symbol.
Is the name of the Facebook app changing?
The name of the parent company has been changed from Facebook, Inc. to Meta Platforms Inc. The names of the applications formerly owned by Facebook, Inc., will not be changed, including the name of the social media site facebook.com, along with Facebook Messenger, WhatsApp, and Instagram.
Privacy control in Metaverse.
While explaining metaverse to the audience, Mark Zuckerberg pledged that the metaverse will have high privacy standards, parental controls, and data disclosure that Facebook, Inc. lacked. The article posted by Zukerberg also showed that Facebook had prioritized leading countries that would receive enhanced protections around elections.
How will metaverse affect Facebook ads?
Advertisements will remain to play a significant role, to quote Zuckerberg, “Ads are going to continue being an important part of the strategy across the social media parts of what we do, and it will probably be a meaningful part of the metaverse too”
Facebook also plans to launch a virtual marketplace where the developer would be able to sell virtual products.
Updates to look out for:
Facebook has already demonstrated its vision for the metaverse with a series of videos that includes characters sitting around virtual meeting tables with remote co-workers. You will be able to play exciting games with friends and explore in a holographic version yourself. It is said that in theory, you will be able to do anything in the metaverse.