Facebook Changes Its Name to Meta, Will Support NFTs

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By Shiela Bertillo

After weeks of rumors about Facebook’s rebranding and its aim to bring the metaverse to its users, the rumor has finally been verified. 

At Connect 2021, Founder and CEO Mark Zuckerberg announced that Facebook, the world’s biggest social network, has changed its company name to Meta. Regardless of the name change, the social media platforms Facebook, Instagram, WhatsApp, and Oculus will be under Meta’s umbrella.

According to the firm’s media release, the main focus of Meta is to “bring the metaverse to life and help people connect, find communities and grow businesses.”

“The metaverse will feel like a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world. It will let you share immersive experiences with other people even when you can’t be together — and do things together you couldn’t do in the physical world. It’s the next evolution in a long line of social technologies, and it’s ushering in a new chapter for our company,” the firm further stated.

Meta will be structured in two operating segments, Family of Apps and Reality Labs; combining virtual and augmented reality technologies in a new online realm.

Following this, the company stated that it is already building and testing a social platform for the metaverse called Horizon, and has been developing and improving VR for its Oculus headsets “for years.” 

Moreover, the company has recently stated that its metaverse will support non-fungible tokens (NFT).

“This will make it easier for people to sell Limited Edition digital objects like NFTs, display them in their digital spaces and even resell them to the next person securely,” Facebook Head of Metaverse Products Vishal Shah said.

Shah added that the firm aims to “provide a way for as many players as possible to build a business in the metaverse.”

Moreover, to further aide the monetization, Facebook’s head of payments and financial services David Marcus tweeted that with the rebrand, the company will be consolidating all of its payments and financial services units and products, including Facebook Pay, under Novi, a crypto wallet for International Money Transfers & Remittances.

This article is published on BitPinas: Facebook Changes Its Name to Meta, Will Support NFTs

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