It’s not surprising that well-known brands rebrand from time to time. But if the rebranding is done by a global giant like Facebook, the situation is a little different: why was it needed? What does Mark Zuckerberg try to do with this change? If you believe the conspiracy theorists, he has no purpose other than to take over the world, but if we evaluate it realistically, we see that Facebook is actually taking a big risk. As this change has the potential to determine what shape the internet will take; it can also lower Facebook’s brand value. We examine in detail below what the “Metaverse” announcement, which was made a short time ago, means.
First Things First: What Happened?
First, let’s talk about what exactly happened because, as many people think, there is no change in the Facebook brand. Mark Zuckerberg, in his statement, announced that Facebook and all related brands (Instagram, WhatsApp, Messenger) will come together under the umbrella company Metaverse from now on. You can simply think of it like this: the company’s name is Metaverse from now on, and this company controls all the Facebook, Instagram, WhatsApp and Messenger brands. None of these services has changed their name: Facebook is still called Facebook. In short, Metaverse is the name of the holding company.
Although most people liken this change to Google’s rebranding in 2015, the situation is quite different. The original founders left the board when Google became part of Alphabet Inc. Zuckerberg, on the other hand, has no such plans: he will be CEO and chairman of Metaverse. This means a title change for Zuckerberg, but he’s still in control.
So far, so good, right? Now we can start talking about the complex part because Metaverse is much more than just a rebranding: Zuckerberg plans to shape the future of the internet.
Ready Player One
If you’ve watched the movie Ready Player One, you’ve probably seen how everyone is using virtual reality technology in the near future. The main theme of the movie and the book it is adapted from is based on the universe created by virtual reality (VR) glasses, and this virtual universe is called the “metaverse.” In other words, the name comes from the world of science fiction: a huge universe where people interact virtually.
Zuckerberg aims to establish exactly such a world. He believes that after a decade at the most, people will start spending time in the metaverse, a 3D and completely immersive version of the internet. We will connect to this universe via special devices and control our 3D avatar. Metaverse can be used for the same purposes as the internet is used for: we will play video and casino games on sites like the online casino Canada, shop, communicate and work. Imagine appearing as a hologram at your colleague’s house on the other side of the world or reuniting with your 3D avatars in a virtual space: Metaverse will allow you to do all this.
So how does Zuckerberg plan to do all this? At this point, it is necessary to remember once again that Oculus, which is currently the most powerful VR equipment manufacturer on the market, is a Metaverse brand. So, Zuckerberg has been making VR equipment for a long time. All he has to do is to further improve it. There are already two projects carried out for this purpose: Cambria and Nazare. The Cambria project uses augmented reality technology and combines the real world and virtual graphics. The Nazare project, on the other hand, looks like a simple and classic eyeglass but can display all kinds of information about the world around you on its glass.
There Will Be a New Currency Too
Whether it is real or virtual, how do you control an economy? It is actually pretty simple: if you can control the currency, you control the economy. Zuckerberg understands this and is considering using a specific currency to fully control the new world he will create. The details of this are not yet clear and Zuckerberg does not make clear explanations, but we understand that an NFT-based cryptocurrency will be used. Zuckerberg believes that NFT technology is the most suitable option for owning something in the virtual world.
This simple explanation alone has led to an incredible rise in the value of all NFT-based cryptocurrencies: the price of Mana Coin, owned by Decentraland, the world’s first decentralized virtual reality platform, has skyrocketed. Similar coins like SAND and AXS have also increased in value by more than 30%. Of course, these are not coins to be used in the Metaverse world, but they have a similar purpose, and people think that they will be competitors of Metaverse.
Metaverse will start trading on the exchange with the code MVRS from December 1, 2021. Virtual reality technology will determine how successful this new world will be, and Metaverse has made the biggest investment in this technology. In other words, we may be witnessing the future of the internet taking shape. But virtual reality technology has been around for a long time and isn’t attracting much attention: Metaverse needs to change that first and foremost. We will see how successful it will be.