At the latest annual Facebook connect event, CEO Mark Zuckerberg made an announcement that he’s changing his company’s name to Meta Platforms Inc., or Meta for short. The name change was accompanied by a new logo designed like an infinity symbol.
Announcing the new name, Zuckerberg said, “Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started.”
According to the brand the name represents the company’s move further into the metaverse – a digital world where people can experience a parallel life to their real-world existence.
“When you give everyone a voice and give people power, the system usually ends up in a really good place. So, what we view our role as, is giving people that power” – Mark Zuckerberg
Meta’s focus will be to bring the metaverse to life and help people connect, find communities and grow businesses. The metaverse is the next evolution of social technology — where you can share immersive experiences with people even when you can’t be together in person, and do things together you couldn’t do in the physical world, said Zuckerberg in a statement.
It is important to note that Facebook, WhatsApp and Instagram will all be keeping their names. But the company that produces and maintains them will now be called Meta.
What exactly is metaverse?
The prefix “meta” comes from Greek and means beyond. So, the combination of “meta” and “universe”, that is, metaverse, would indicate a place that is beyond the world or the universe. A simplistic way to look at the metaverse is as a parallel virtual world where users can have different identities, possessions and characters.
The Meta symbol
Unlike traditional brand design processes, Facebook designed this symbol to live in motion and 3D. Drawn from a single line in space using their own Quest technology, the Meta symbol forms a continuous loop that works seamlessly between 2D and 3D contexts. It resembles the letter M which represents “Meta,” and also at times an infinity sign, symbolizing infinite horizons in the metaverse.
Rebranding indicates company’s shift towards new platforms
Under the name Meta, the company is now attempting to create a platform where users will be able to “socialise, work, learn, play, shop and create” across various apps.
Meta users will be able to use products and connect with others virtually without a Facebook account. The name change also distances the company further from its association with the social media Facebook.
“Right now, our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future,” explained Zuckerberg.
“Over time, I hope that we are seen as a metaverse company, and I want to anchor our work and identity on what we’re building toward.”
Metaverse – a shared virtual environment which can be accessed by people using different devices needs privacy and safety that is to be built in to the metaverse, said Zuckerberg.
The company also gave a few updates regarding its VR and AR products. It said it would this year launch a way for people using its Oculus VR headset to call friends using Facebook Messenger and for people to invite others to a social version of their home, dubbed “Horizon Home,” to talk and play games as avatars.
Opportunities for small businesses from Metaverse platform
Changing into a metaverse company can lead to business opportunities for entrepreneurs.
The goal of every business is to market their products or services to their target audience.
For companies, metaverse will provide great opportunities for promoting their products – not just in the “traditional” way of advertising or banners and video ads but also by launching virtual versions of their real-life products.
Learn more about Meta at Welcome to Meta | Meta (facebook.com) and welcome to the metamorphosis of Facebook.
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