On Tuesday the 19th of October 2021, an American technology blog known as “The Verge” reported that the social media giant Facebook made an announcement that it will be changing its brand identity. The Verge is a popular American technology blog that covers gadgets, consumer electronics news, product reviews, podcasts, and it is operated by Vox Media.
From this report, we have gathered that this name change will reflect Facebooks’ focus on building the metaverse.
As the global technology industry continues to develope beyond our expectations, this might be sign that the tech giant is looking to transform beyond just its social media status into something more advance.
We once experienced the same thing in 2015 when Google reorganized its entire operations under a holding company known as Alphabet. This immediately passed the message that Google was no longer just a search engine, but the tech giant firm which now makes all kinds of products in various industries that affects our daily lives and activities.
However, one will tend to ponder on the strategic reason behind the Facebook name change and metaverse, and how it will affect the millions of Facebook users all around the world?
Presently, the Facebook company is known to own some of the most popular global tech apps like WhatsApp, Instagram and a lot more and it has been reported that this transformation move might position Facebook and all the other products under one parent company to oversee their activities. We have seen this similar strategy used by a rival tech giant, Google.
Facebook, being the No.1 social media platform with over a billion users worldwide will definitely affect every user, one way or another, with this strategic move that they are about to execute.
In recent times, Facebook has been in the news for all sort of reasons. The backlash from different regulators regarding several accusations of the platform being used to spread hate and misinformation, missuse of data and even global political interferance.
Investors noticed a prolonged dip in Facebook stock with a drop of more than 12% since early September 2021, signaling a “reputational change” for the company.
As reported on “The Verge”, Mark Zukerberg In July 2021, said they will effectively transition from people seeing Facebook as primarily being a social media company to being a metaverse company.
There has been various opinion from different quaters suggesting that this rebrand could serve to further separate the futuristic work Zuckerberg is focused on from the intense scrutiny Facebook is currently under for the way its social platform operates presently.
But as we patiently wait for the official anouncement, we can only wonder what the new brand will bring, how it will relate to the anticipated unreleased AR & VR version of Facebook and what this metaverse is really about.
Metaverse is a broad term. It wholistically refers to a shared virtual world environment that people can access via the internet. It can also be referred to as a digital space that is made more lifelike by the use of virtual reality (VR) or augmented reality (AR).
For a broader view, for people to interact on the internet presently, we visit websites, social media platforms, or instant messaging applications. But the idea of a metaverse is so intriguing because this is some kind of digital space where interactions are multi-dimensional. As a user, you’ll basically be inputting yourself inside this digital space as compared to viewing it.
In these virtual spaces, you’ll be able to explore and collaborate with other people who aren’t in the same physical space.
To imagine a metaverse from a company that already has a billion users on its platform is one idea that we can’t even comprehend at the moment. We are patiently anticipating this future tech innovation.
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From what we have gathered so far, we are suspecting that this new company will be an umbrella and all other products will be under it. Just how Google created its holding company “ALPHABET” in 2015.
Well, we cannot tell for now because we are still awaiting official announcements from the Facebook Company. Once we confirm fully, we’ll be providing an update to this post.
A metaverse is a virtual space located on the internet, where you’ll be able to explore and collaborate with other people who aren’t in the same physical space. The idea of a metaverse is so intriguing because this is some kind of digital space where interactions are multi-dimensional. As a user, you’ll basically be inputting yourself inside this digital space as compared to viewing it.