Comprehending Facebook’s metaverse journey
The name change was declared at the Facebook Connect augmented and virtual reality conference. The fresh name indicates the corporation’s thriving ambitions beyond social media. Facebook, now shall know as Meta, has recognized the new moniker, founded on the sci-fi term metaverse, to interpret its vision for functioning and playing in a virtual world.
Facebook CEO Mark Zuckerberg said that Today the company is seen as a social media platform/firm but in the DNA they are a company that develops technology to connect people, and now the metaverse is the next horizon just like social networking was when they started. The organization also said in disclosing the new name that it will change its stock ticker from FB to MVRS, as an effective mode from Dec. 1.
In July, the firm declared the formation of a team that would specialize in the metaverse. 2 months later, the organization said it would promote Andrew “Boz” Bosworth, who is presently the head of the corporation’s hardware division, to the function of chief technology officer in 2022. And in its third-quarter revenue outcomes, the company declared that it will blow up Reality Labs, its hardware division, into its own reporting section, beginning in the fourth quarter.
Zuckerberg wrote in a letter that “Our wish is that within the successive decade, the metaverse will reach a billion people, gather hundreds of billions of dollars of digital marketing, and assist jobs for millions of designers and developers”.
Key Pointers
- Facebook recently declared that it has changed its organization name to Meta.
- The name change, which was declared at the Facebook Connect augmented and virtual reality conference, reveals the company’s thriving ambitions beyond social media.
- The re-branding also comes after the corporation has handled a storm of news reports over the past month arising from whistleblower Frances Haugen’s trove of internal documents.
Over the preceding few years, the corporation has ramped up its endeavors in hardware, inaugurating a line of Portal video-calling tools, starting the Ray-Ban Stories glasses, and rolling out several editions of the Oculus virtual-reality headsets. The corporation has suggested that augmented and virtual reality will be a crucial basis of its policy in the future years.
Facebook changes corporate name to ‘Meta,’, the news ticker is MVRS
The firm also said this week it’d use up about $10 billion over the succeeding year formulating the technologies employed for creating the metaverse.
Zuckerberg delivered a presentation of the firm’s ambitions for the metaverse.
The demonstration was a Pixar-like animation of software the firm strives to build someday. The demonstration comprised users hanging out in space as cartoon-like versions of themselves or fictitious characters, like a robot, that exemplify their virtual selves. Zuckerberg employed part of it to indict other tech firms of stifling innovation with increased developer fees.
Zuckerberg explained a lot of this is a long way off, with aspects of the metaverse potentially evolving mainstream in 5 to 10 years. The firm anticipates “to capitalize many billions of dollars for years to come before the metaverse reaches ranking,” he put in.
“We speculate the metaverse will be the inheritor to the mobile internet,” Zuckerberg let out.
Meta declared a new virtual reality headset called Project Cambria. The appliance will be a high-end product usable at a bigger price range than the $299 Quest 2 headset, the firm said in a blog post. Project Cambria will be sent packing next year, Zuckerberg announced.
Meta also declared the code name of its primary completely AR-capable smart glasses: Project Nazare. The glasses are “still a few years out,” the firm explained in a blog post. Zuckerberg explained, “We still have a path to go with Nazare, but we’re giving rise to good progress.”
The re-branding arrives amidst a surge of news articles over the past month after Frances Haugen, an old worker turned whistleblower, published a trove of internal corporation papers to news outlets, lawmakers, and regulators.
The documents indicate that the firm is familiar with many of the damages its apps and services cause but either doesn’t handle the problems or battles to address them. More papers are anticipated to be shared day-to-day over the coming weeks.
In a call with reviewers on Monday, Zuckerberg vehemently denied the assertions and criticisms in the documents arising from the papers delivered by Haugen.