For a tech giant like Facebook, changing the name is a big deal. Facebook’s change of name has more implications than you can think of.
Why the name Meta?
Meta is a Greek word, which translates into English as beyond. Facebook has changed its name to Meta as it is putting billions of dollars into the new technology called metaverse which Facebook’s founder Mark Zuckerberg thinks will revolutionize the internet.
What is Metaverse?
Metaverse is a virtual 3d world similar to the 3D open-world games we play today. Metaverse has a lot of potential and seeing this potential, Zuckerberg has made this bold move.
The implication of this name in the business world.
This is a very smart business move from mark Zuckerberg as this name directly links Facebook to metaverse in such a way, that whenever in the future somebody hears the word Meta he will automatically link it to metaverse technology.
This didn’t happen suddenly.
Facebook bought Oculus back in 2014. Oculus is a VR headset company, VR headsets are an essential component for the metaverse. This deal of 2014 also shows that Facebook was planning about metaverse for a long time.
What is important to note here is that Oculus is the best VR headset in the market right now. There is no VR headset better than Oculus for the general public.
The other key component of the metaverse is augmented reality. And we can all just speculate what new improvements can be made in VR (Virtual Reality) and AR (Augmented Reality) with the billions of dollars that Facebook is pouring into them.
Mark Zuckerberg’s vision with Meta and Facebook’s bad reputation
Mark’s vision can be clearly understood by the actions Facebook is taking. Mark wants Facebook to be the best metaverse company on the planet. He wants to dominate the metaverse market. So changing the company’s name to Meta seems completely logical.
But Facebook has too many problems to resolve already and it will be challenging for Mark to convert his vision into reality.
Facebook has a bad reputation when it comes to privacy and content filtering.
Facebook has been involved in too many data leak cases and it is losing people’s trust when it comes to privacy.
Some ex-employees of Facebook say that the algorithm of Facebook promotes divisive content(hateful content). This has made people allege Facebook for influencing people politically and for also inducing riots.
Only time will tell what becomes of this bold move by Zuckerberg and company.