Facebook is now Meta: the company shares plans for the metaverse and NFT

Earlier, US media outlets reported Facebook's plans to announce its name change. Today these plans have come true. The social giant set his sights on the development of its own metaverse, finding a name corresponding to its ambitions Meta.

At Facebook Connect 2021, Mark Zuckerberg confirmed the company's plans to change its name by announcing a new one. The main goal of Meta is to form a single "metaverse" in the virtual world, where people can communicate under the guise of avatars. Today, the Facebook brand is too closely associated with one single product the largest social network, but the company intends to change that.

The term “metaverse” itself implies the future evolution of the Internet, in which instead of a “flat environment” in the form of web resources and applications, a three-dimensional environment in the form of public and private spaces will appear, bringing interaction between users to a new level. The technology of non-fungible tokens will also have a special place in this universe. For example, here you can turn NFTs into 3D avatars and use them in all kinds of web spaces be it games, social interactions, or workflows.

To develop this and many other modern technologies, the tech giant is investing 50 million in research and the conclusion of mutually beneficial partnerships with representatives of various industries. In addition, over the next 5 years, Facebook will hire about 10,000 people across Europe to develop technologies related to the metaverse.

One of the examples presented during the conference with the use of non-fungible tokens was a virtual concert to which one friend invited another. After that, the members of the metaverse gathered for an “afterparty” in an institution with other avatars and purchased souvenirs in the concert shop in the NFT format.

Meta will include not only the social network Facebook but also Instagram, as well as one of the most popular messengers in the world WhatsApp. In addition, VR headset maker Oculus and other Facebook assets will join them. Although Reality Labs will now unlink Oculus Quest helmets from user Facebook accounts, the devices will henceforth be called Meta Quest.

Fans of virtual reality and NFT will surely appreciate the innovation, but some members of the crypto community saw Meta's plans as a threat to the principle of "openness" of the metaverse. Especially considering that today another technology giant, the Chinese company Tencent, is engaged in the development of a similar idea.

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