Mark Zuckerberg Changes his Company Name to Meta. What is it ? What it means for it's users? Everything Explained

Credit: Meta/Facebook

Social Networking company Facebook has officially renamed itself to Meta on October 28 to reflect its focus on building the metaverse. The new logo looks like an infinity sign which was a little askew (almost looks like the ‘Hyperloop’ logo).

The Social network platform Facebook is still going to be called Facebook and its daughter services like Whatsapp, Instagram, Oculus, which were previously under the umbrella of Facebook Inc, are now owned by Meta.

So, What exactly is ‘Metaverse’?

In the word “metaverse, the prefix “meta” means “beyond” and “verse” is “universe“. The term is typically used to describe the concept of shared 3D virtual spaces linked into a perceivable virtual universe or an Augmented Reality. The elements of the metaverse include video-conferencing, games like Minecraft, email, virtual reality, social media, live-streaming, etc.

The term was first coined in a sci-fi novel “Snow Crash” by Neal Stephenson in 1992. He used the term”metaverse” to describe a virtual space connected with the Internet, VR, and AR where humans interact with each other as avatars.

Facebook  CEO Mark Zuckerberg said – “The metaverse will not be created by one company. It will be built by creators and developers making new experiences and digital items that are interoperable and unlock a massively larger creative economy than the one constrained by today’s platforms and their policies,” in a public letter released online.

For some time now, tech giants like Apple, Google, and Microsoft have been trying to grow their businesses with virtual spaces and their native AR experiences.

What will be the changes? 

    • Mark Zuckerberg said that the main focus of the company is to build the “metaverse” and the name of the apps itself won’t change but, instead of the old “Whatsapp from Facebook ” in the about section of WhatsApp it will change to “Whatsapp from Meta”.
    • Mark Zuckerberg said that the way company reports its financials will change but its corporate structure will remain as it is.
    • Meta will be structured in two operating segments: Family of Apps, which are all of the apps you know, and Reality Labs, which is everything related to VR and AR.
    •  From December 1, the company also intends to start trading under the new stock ticker ‘MVRS’.
    •  The way the company uses or shares data won’t be affected.
    • Metaverse will feel like a three-dimensional expansion of today’s online social experiences, sometimes projected into the physical world. The company said- “It will let you share immersive experiences with other people even when you can’t be together — and do things together you couldn’t do in the physical world. It’s the next evolution in a long line of social technologies, and it’s ushering in a new chapter for our company,”.

The said, “three-dimensional social experience” or The “Metaverse” is still far off and won’t be available any time soon. As of right now aside from the change to the company name and logo, nothing much is actually changing.

Upcoming Features

    1. You will be able to make Messenger audio calls in VR, later this year.
    2. According to the Company, soon you’ll be able to hang out, watch videos, and jump into games and apps together with your friends in Horizon Home.
    3. Horizon Home joins Horizon Worlds, which is currently in beta.
    4. Horizon Workrooms will be the flagship productivity solution for Meta.
    5. Horizon Venues, which will be an all-access pass to concerts, sports, and more.
    6. Quest for Business, a suite of business features running on the Quest 2 headset with a business-only login (not your personal Facebook account) that will allow you to collaborate with coworkers and access Horizon Workrooms and Gravity Sketch. There will be a limited beta this year following the full launch in 2023.

The company also announced new hardware and software tools.

  • Meta’s next VR headset, Cambria, coming next year.
  • It is developing fully AR glasses.

Mark Zuckerberg also announced new apps coming from various partners.

  • Meta has partnered with Rockstar Games to bring our favorite Grand Theft Auto: San Andreas to Oculus Quest 2
  • Meta is also expanding its research of smart glasses into cars with BMW

Sources: facebook, Wikipedia

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