It has been hidden from none that Facebook managed to make approximately $29 billion of profit in the year 2020. This was even beyond the expectations of Wall Streets. But when it comes to the world of tech, nothing is stable. One year of success might lead to tremendous failure in the next.
Keeping the future in mind, the CEO of the company, Mark Zuckerberg went to the next step and changed Facebook into meta. The idea behind the entire change in name was connected to Virtual reality.
A recent letter by the founder himself stated, “The metaverse is the next frontier in connecting people, just like social networking was when we got started. Over time, I hope we are seen as a metaverse company, and I want to anchor our work and our identity on what we’re building towards.”
On close observation, one can notice two very conflicting yet blandly obvious facts.
The change from Facebook to metaverse keeping the current scenario in mind is an excellent business move. But if you observe facebook’s past track record, it can be considered a really bad idea for the future.
Now let’s see why the above mention statements are true.
What was the reason behind changing Facebook?
Now, most people don’t know that fact associated with the name. The company did not actually just change the name, the fundamental direction has also been changed.
Most of the technology enthusiasts must be dreaming of technology like metaverse for ages. Just imagine the dreams that you had while watching a science fiction film, where holograms and virtual reality helped people escape and were all set to come true.
A technology like this is potential enough to increase the business of any company. This kind of technology is transformative which means it allows people to transport from one plane to another. In addition you can transport to a different time as well.
Post covid, we can imagine a lot of changes in our life. Most of the companies, who were previously considering employees back to the office are worried about the new variant of the virus which might lead to new restrictions and lockdown. All these increase the requirement of the metaverse. Isn’t it convenient to just enter your own room and immediate get together with your office colleagues?
Apart from that, the virus has even parted several families. For their betterment, we opted to live apart from them and ended up starving for their one look. The metaverse has a solution for that as well. Now, you can be together without actually physically contacting each other.
Not only Facebook, but Google actually alphabet has also announced its ventures in the metaverse.
But there is a difference, Facebook actually has committed entirely to the metaverse. One can imagine approximately billion dollars resources committed only to the metaverse.
Although you can compare facebook to Tesla. Today you can see Tesla producing a number of electric vehicles. This is the reason why Tesla’s value exploded.
What was the reason behind Facebook changing its name to metaverse?
The official motto of Facebook stated, “Move fast and break things”. It has been the same for years. The main purpose of it was to give a direction to designers and managers. But later on, it somehow managed to become an important part of the company’s DNA.
In the pace of competition and technology, Facebook moved really fast and broke a lot of stuff in the process that came in its way.
Now a really popular yet controversial question might arise in the mind of most of us, “is Meta the same as Facebook?”, “Has Zuckerberg and company learned from their mistakes?”
Well, nothing can be predicted up till now. The time will speak for itself.
But one thing we can say, the idea behind the name has managed to grab the attention of many.
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