Facebook, the world’s largest social media platfrom 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
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 Facebook for running away from its responsibility via a name change.
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
The meme fest on social media might not be a good omen for the project, but the name has surely helped several other Metaverse tokens currently trading in the crypto market.
Facebook’s Name Change Lead to 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. While it seemed like a fantasy until last year, but now that Facebook and other digital companies are actively working to build one, a metaverse could become a reality in the next 5 years. Facebook’s interest in the field has gotten a lot of attention, but we will have to wait to see how the community receives the original final product from the social media giant.