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Current Affairs

Facebook to rebrand itself

Date: 22 October 2021 Tags: IT, Mobile & Computers

Issue

Social media giant Facebook is planning to rename itself at the company’s annual Connect Conference on October 28 or earlier.

 

Background

The change in name not only signals the company’s growing ambitions but is also an indication of its focus on metaverse.

 

Details

  • The renaming will be done in order to replicate Google, which renamed its parent company as Alphabet.

  • There could be a parent company for Facebook’s products such as Facebook, WhatsApp, Instagram, and others.

 

The reasons

  • The company wants to diversify its products and wants to be known for more than just social media.

  • The company is already under negative spotlight for its involvement in unethical practices. The renaming could increase its brand value.

 

Metaverse plan

To create a ‘responsible’ metaverse, Facebook is planning to invest $50 million. It is expected to create 10,000 new jobs in Europe under its ambitions.

 

Idea of metaverse

  • The phrase metaverse was first used in science fiction novel Snow Crash by Neal Stephenson. It talks of a world where big corporations control the world.

  • The simplest way of looking at metaverse could be a parallel and virtual world where users can have different identities, possessions and characters.

  • In a metaverse world, services could be offered virtually in exchange for other virtual assets, or Cryptocurrencies. Interoperability will be the key to its success.

  • Metaverse will allow users to spend time with individuals not in the same physical space. It will make online time more meaningful.