The world’s largest social media platform Facebook went under a rebranding and now will be known as Meta. The name change was in line with the company’s focus on building the world’s first true metaverse. Facebook’s crypto plans have come a long way from their first project Libra, which never saw the light of the day as it faced heavy scrutiny from government across the globe, leading to key members pulling out even before the scheduled launch.
Facebook CEO Mark Zuckerberg explains his “Metaverse” virtual world concept, which he says is about “connecting with people.” pic.twitter.com/24YZk5ag5J
— The Recount (@therecount) October 28, 2021
Facebook’s name change led to a surge in Metaverse Tokens.
A number of popular metaverse tokens recorded double-digit gains as Facebook unveiled its new name. Decentraland, a popular metaverse saw its token MANA surge over 44.6%, Enjin coin surged over 11%, while the SAND token surged 21.5%. Apart from these key Metaverse tokens, other NFT gaming tokens, including Axie Infinity’s AXS, also surged 8%. The Metaverse concept was born in 1992, but its true realization seems to be possible now with crypto tokens and NFTs. Metaverse is a truly digital world where every interaction happens via the digital avatar of that person.
The name change for the brand receives criticism.
The name change for the brand comes amid heavy criticism, with the likes of Edward Snowden claiming that a name change won’t fix the years of unjust that the social media giant has done. Many others also called out the social media company for running away from its responsibility via a name change. The meme fest on social media might not be a good omen for the project, but the name change has surely helped several other Metaverse tokens currently trading in the crypto market.
Facebook is Facebook. Don't write about the name, write about what they do, because that's what matters.
Paperwork doesn't change the nature of a thing.
— Edward Snowden (@Snowden) October 29, 2021