Is Metaverse The Future Of Social Media? Facebook Name Change Strategy Explained

Facebook, the social media conglomerate has officially changed its name to Meta. However, the product Facebook will remain unchanged. The parent company that owns services such as WhatsApp, Instagram, Oculus, Messenger, and Facebook will now be known as Meta.

What Is Meta?

The word "meta" in itself is derived from a Greek word that stands for after or beyond. If you are a software engineer, then you might have already heard the term meta-data, which is a set of data that holds information about other data.

Meta And Metaverse Explained

Facebook's mastermind Zuckerberg has a very good reason for naming his parent company Meta, as he is all set to expand his social media platform, one which involves AR and VR. According to the official website, metaverse will be the next evolution of social connection.

If you have seen the movie Ready Player One by Steven Spielberg, then you already know what metaverse is. It is a virtual world, where everyone has their digital avatar and can interact with each other. Again, this will be like an open-world game, where, a user might have to pay a certain fee to unlock various feature sets.

Metaverse will have 3D spaces, where users can learn, play, make social connections, and even make business. However, unlike the regular social media platforms, the metaverse is not just an app that can be installed into a smartphone and start using.

To get an immersive metaverse experience, one needs devices like smart glasses and VR headsets like the Oculus Quest 2, which are as expensive as a premium smartphone. On top of that, they also need a high-speed internet connection to build the virtual world in real-time, hence, it is actually quite expensive to get into the metaverse.

Facebook, which is now known as Meta is investing a lot of money into developing training AR and VR resources. Just like any social media platform, the more the number of users more the fun. It does look like Meta will invest a lot of time and resources into building a metaverse and make it into a profitable company.

Meta Might Sell VR headsets At A Subsidised Price

Facebook might just apply the console-market concept, where the company could start selling the VR headsets at a discount and then make money using the in-platform purchases. In fact, Mark also confirms that the company is developing Grand Theft Auto San Andreas along with Rockstar studio, which will soon be available for Oculus users.

Metaverse Is An Ambitious World

Metaverse is an ambitious world, to say the least. Given the fact that it requires additional hardware, it might not get as successful as Facebook or Instagram, especially in price-sensitive markets like India. We have seen a lot of Sci-Fi products from Silicon Valley, and this is definitely the one with a lot of potential.