Facebook's rebrand, Meta, will support non-fungible tokens (NFTs).
The change has come. Going forward, Facebook will be shifting its corporate name to Meta.
The rebrand encapsulates the Facebook platform alongside Instagram, WhatsApp, and Oculus.
In the official press release, the company stated:
“Our corporate structure is not changing, however, how we report on our financials will. Starting with our results for the fourth quarter of 2021, we plan to report on two operating segments: Family of Apps and Reality Labs. We also intend to start trading under the new stock ticker we have reserved, MVRS, on December 1. Today’s announcement does not affect how we use or share data.”
In an interview with The Verge, Zuckerbeg acknowledged that crypto technology is going to be playing a role in Meta’s direction.
“[C]learly, we’re interested in it and generally supportive of the space and think that there’s an important role for it to play in the future... I do think that there’s an important place for more decentralization across [the metaverse]. As more of our projects become more mature, then we’ll have more to talk about in that space,” he told reporter Alex Heath.
Subsequently, Vishal Shah, Facebook Head of Metaverse Products, announced that Meta will support non-fungible tokens (NFTs).
Keep in mind, Facebook is still developing projects Novi and Diem—its crypto wallet and stablecoin—even as it faced recent pushback from US senators. And there’s been continued speculation the company will need to rely on blockchain metaverses in order to avoid the overuse of ads and promotional products.
If you’re wondering what the metaverse is, Zuckerberg uses the term to refer to a new iteration of the internet where users can interact with one another as avatars in a 3D virtual environment.
While this announcement has certainly caused a lot of discussion, we’ll have to wait for future reveals to see how big a role crypto will play in Meta. But if the change is any indication, Meta could continue to increase the need for mainstream adoption of digital assets.