October 28th was marked by a major shift in the digital universe. On that date, Facebook revealed the new name of the company behind the social network. Since then, the company has been renamed Meta.

The term, in addition to an attempt to unlink Facebook's image from recent scandals involving the misuse of user data and the dissemination of Fake News, is also a way to highlight its new purpose: the construction of the metaverse.

It is worth noting that only the name of the parent company of Facebook, Instagram, WhatsApp, and others has been changed, meaning the modification does not affect Mark Zuckerberg's social network, which continues with the same name.

Follow along with us and check out, on the CodeBlog, all the details involved in this transformation.

Rumors about the name change

The first reports regarding Facebook's name change began to emerge in the media a week before the event that officialized the arrival of Meta.

Entirely strategic, the name change indicates that, from now on, the company will focus all its efforts on the development of the metaverse.

But after all, what is the metaverse?

In short, the metaverse integrates a virtual environment, created from the convergence between an enhanced virtual physical reality and a physically persistent virtual space. In this way, it is possible to bring two environments together into one.

The main goal of the metaverse is to enable user interaction through digital avatars. This "parallel universe" will be created with the help of numerous technologies such as digital reality, augmented reality, social networks, cryptocurrencies, etc.

In other words, the idea is for the metaverse to resemble a kind of 3D Internet, where communication, entertainment, and business will exist in an immersive way.

The only catch is, precisely, the reason for the great difficulty in describing this universe in an uncomplicated way: it does not exist yet. But, if it depends on the investments of tech giants, it is only a matter of time before it becomes a reality.

On the day of the new name announcement event, Zuckerberg stated that at this moment, the brand is linked to a product that cannot represent everything that has been done, but that, in the future, he hopes they will be seen as a metaverse company and intends to anchor the work on the identity they are building.

Facebook's Note

Facebook issued a note to reiterate that, despite the change, the financial reports will maintain the same format.

Check it in full:

“Starting with our results for the fourth quarter of 2021, we plan to report in two operating segments: Family of Apps and Reality Labs. We also intend to start trading under the new stock ticker we reserved, MVRS, on December 1st. Today's announcement does not affect how we use or share data,” they stated.

Financial investment for the implementation of the metaverse

Also during the presentation, Facebook presented the company's financial results and revealed that it plans to spend $10 billion on the creation of the metaverse. In addition, the investment will be aimed at attracting young adults to the company's platforms.

Thus, the new project will also stimulate new professional opportunities. On October 17, the company announced the opening of 10,000 jobs in Europe for highly qualified people with the aim of developing the new virtual environment. The expectation is that the positions will be made available over the next five years.

So, did you enjoy discovering the biggest changes and investments behind the metaverse? Then, keep an eye on the Codebit blog and follow all the news and updates related to the digital universe.

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