Today we are going to discuss about the reasons why Social Media Giant Facebook is changing their parent company name. Any company want to reflect their work in their name. How facebook is trying to do so, we will know in this article.
Let me clear one thing first. No name change will happen in Facebook, Instagram or Whatsapp App. Only the name of the parent company will change. Take the example of google. Alphabet is the parent company of google and other google services.
Now onward facebook parent company will known as Meta which is actually taken from metaverse. We will discuss about the reasons of the name change and what is the concept of metaverse in this article.
So facebook is going to rebrand its parent company. This parent company will handle Facebook, Instagram and Whatsapp. Facebook is mainly saying that they want to reach beyond the social media network and enter in the areas like virtual reality.
But at the same time we know that there are some problems going on facebook management as a ex worker of facebook releases thousands of data from facebook which where it was shown that facebook does not work to control hate or fake news, rather their algorithm promotes most controversial and negetive posts to their consumers. Many other work also leaked which can give to threat to even democracy of a country.
So we can understand that facebook not only rebranding to release this pressure and come up as a new way in the field like augmented reality. Facebook already planned to invest about 50 million dollar as a part of its efforts to create responsible metaverse. It will also create 10k new jobs in Europe to fulfil their this dream.
Facebook owner Mark Zuckerberg stated that in upcoming future metaverse may come into reality. His company does not want to behind the race. He want to be one of the pioneer of this technology. Facebook already owns VR gaming platform which they want to spread further.
Now let discuss about the concept metaverse. The term metaverse first used in a book named Snow Crash by Neal Stephenson which was a best selling book in silicon valley of us. This book is written in a concept where govt will give most power to private companies. Most of the work and deals of govt and public happen in virtual reality and digital currency. This type of system is known as dystopian world.
An VC investor Matthew Ball has written this concept in his nine part blog series where he discuss about every aspect of metaverse. In simple world Metaverse is a parallel, virtual world where users can have different identities, possessions and characters. It will be post internet world, a decentralised computing platform which will be continuous and live.
This digital economy will presence in digital and physical realm. This type of interoperability is need for the success of Metaverse. It is beyond the virtual game or virtual concert. Other companies like fortnite also working on this project and trying to explore various side of this metaverse.
But for the success govt have to change the laws and be a helpful hand of this technology. Facebook also want to use their consumer time as more meaningful.
This type of metaverse need a lot of time to build. It can take 15-20 years to fully develop and companies like facebook already started their work.