Today, Facebook has taken the first step in going all-in on the new internet era by rebranding it's apps and technologies under one new company name, Meta. This new umbrella brand will house Facebook app, Instagram, and WhatsApp which will still maintain it's name.
"Meta’s focus will be to bring the metaverse to life and help people connect, find communities and grow businesses."
Facebook CEO (now Meta) Mark Zuckerberg announced the rebranding today during its annual Connect event. This event was heavily focused on the metaverse. This strategic move will align it's target audience back to the younger generation as the appeal of Facebook has slowly shifted to the older audience in the past decade.
If you haven't heard the term metaverse, It’s a term used describe the future evolution of the internet. Imagine stagnant apps and websites of today are replaced by 3D environments through the use of virtual reality, or virtual spaces, making interactions more immersive and engaging.
During the streaming keynote, Zuckerberg unveiled an ambitious framework for the metaverse which appeared to include a role for non-fungible tokens or NFTs. In a Meta blog post titled Founder's Letter, it outlines building privacy and safety into the metaverse from day one and a brief mention of supporting crypto and NFT projects in the community.
This isn't the first of Facebook's foray into the cryptoverse, as Facebook's digital currency project Diem, formerly known as Libra, has yet to take form. Another project is Facebook-owned Novi, a cryptocurrency wallet that promises fee-less international transfers of cryptocurrencies.
It is interesting to see what immersive platform Meta is building as it focuses on becoming a metaverse-first and not Facebook-first company and how much impact it will have on the world of crypto.
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