Mark Zuckerberg has an ambitious vision of Facebook’s future. Now he wants to rule the Metaverse.
Zuck told the world,
“What I think is most interesting is how these themes will come together into a bigger idea…Our overarching goal across all of these initiatives is to help bring the metaverse to life.”
At 0:00 on October 29, CEO Mark Zuckerberg announced at the Connect event that the company will change its name from Facebook to Meta.
The rebranding marked a turning point in the development journey of Facebook. It is breaking the Internet, everyone’s talking about it.
The rebranding is part of the company’s effort to shift away from being known as a social media company and focus on building a metaverse, heading towards the future of a new digital world.
Good Luck Facebook
As such, the Facebook company will have a new name of Meta, but it is not clear if the Facebook application will be renamed or not. However, it is more likely that the subplatforms will not be changed.
Accordingly, the new name Meta reflects its growing social media empire.
Generally speaking, Meta consists of two subsidiaries: Facebook and the second company focused on developing the next generation of social networks that Zuckerberg calls Metaverse.
The text that we are typing here, or photos, videos we post every day, all of those represent the so-called 2D world. Metaverse is oriented to build an ecosystem, helping people to communicate visually rather than through the text.
So the plan is, this new social network will focus on 3D experiences, instead of 2D like Facebook today, spreading the popularity of Cryptocurrency, NFTs. Meta will produce VR gear and sell it at its original price to promote an ecosystem of 3D app developers.
Changing Facebook’s name to Meta clearly reflects Zuckerberg’s ambition to build a “metaverse”, blurring boundaries with the real world. The dream of an open metaverse is a vision that drives individuals and corporations alike
While there’s nothing wrong with the Metaverse’s ambition – many predict that it will become the next big thing along with NFTs’ growth – the biggest question we should ask ourselves is: what are the hidden flaws here?
The purpose of rebranding is in fact for the existence of Facebook, rather than for the future.
No One Should Trust These People
The plan of transitioning Facebook to Metaverse, is part of Mark’s efforts to rebuild the social network’s reputation. Facebook has faced multiple allegations.
After the Facebook–Cambridge Analytica data scandal, Facebook continues to delve deeper into the crisis as the problem of leaked user data of the biggest social community was revealed.
The Cambridge Analytica-related Facebook user data leak scandal continued to heat up back in 2018. Information shows that at least 87 million Facebook users have been used as data pigs.
Since the scandal, a wave of angry users and boycotts of the largest social network on the planet broke out. The keyword #DeleteFacebook is widely shared on Twitter and many other social networks.
The keyword “Delete Facebook” was the record search result according to Google Trends. According to several polls from trusted sources, more than half of Americans are losing faith in the largest social network on the planet.
After four years of scandals, Facebook is continuing its latest controversies about political polarization and the social network’s toxic impact with more challenges than before, according to reports from insiders, current and former employees, including the executives, who contributed to Facebook’s growth.
We’re talking about the digitalization era, when the Internet and social media become a dangerous place and personal data is taken for advantage.
Facebook’s dominance seems obvious. Its power has crushed other smaller rivals attempting that wanted to compete. But when it comes to the Metaverse, under decentralized finance, the monopoly must be split up.
Any key players joining the metaverse including major corporations like Facebook will have to comply with these emerging DeFi crypto regulations when creating their decentralized payment system.