Mark Zuckerberg’s announcement about the change of name for the parent company of Facebook has left everyone talking about the possibility of the metaverse. A concept that has been around for some time, it now seems as if it may genuinely become a reality – although not for several years.
Changing Facebook Inc’s name to Meta is a statement of intent from Zuckerberg and co, but can they really get away with claiming it as their own?
Clamour for Inclusion
Facebook has gone hard and early to declare their interest in the metaverse. But many others have been flirting with the subject for some time.
Meta is listed on NASDAQ and is just one of the companies trading on SP500 that will be interested in becoming major players in this sector. The big five traded corporations in the US known collectively as FAANG – Facebook, Apple, Amazon, Netflix and Google – will all want a bite of the pie.
Outside the market movers and shakers, there are others keen on the metaverse too. Epic Games, the company behind Fortnite, have been enthusiastic about the concept for some time but they are not yet publicly traded.
The change of name is a smart move by Facebook as they know there will be a race for dominance in the metaverse. Despite Zuckerberg’s altruistic claims that it will be for all, there’s no doubt that Facebook is putting their stamp on it by aligning its brand name with the new world.
What is the Metaverse?
Although there has been a lot of talk about the potential of the metaverse, not everyone is exactly clear about what it will be. Virtual reality (VR) has been around for some time but has failed to take off – will the metaverse be any different?
Experts suggest that the metaverse will be far more than just a fun gaming concept. Instead, it will be the “new” internet. Individuals will be able to do everything virtually, but rather than typing text on a screen, they will be able to present in a virtual form.
Whether it’s play, business, work, banking or other types of transaction, you can do anything in the new space. And rather than being a faceless person at the end of the keyboard, your avatar will allow you to interact in a far more meaningful way.
The technology isn’t quite yet ready for the metaverse, but insiders believe it’s drawing close. Facebook certainly thinks so, which is why they’ve thrown their hat in the ring so quickly to make sure their name is the one that people most associate with the emerging technology.
Mark Zuckerberg may have spoken about the metaverse in Utopian terms, but make no mistake, it will be big corporations battling for control – just like the internet now. Although Facebook has made the first move, there will be others keen to challenge its early dominance in the field, and over the next decade, there could be other players who emerge as market leaders.
