Facebook is considering rebranding and launching a crypto wallet in addition to its current offerings
Facebook is considering rebranding and launching a crypto wallet in addition to its current offerings
There have been rumors that Facebook is considering renaming itself to better reflect its most recent endeavor, which is the metaverse. The company's CEO, Mark Zuckerberg, will make the announcement at the company's annual Connect Conference, which will take place on October 28th. The news is that it may be made public sooner than anticipated, according to some reports.
Along with WhatsApp and Oculus, Instagram's parent company is poised to become known for more than social media, and it is already laying the groundwork for this to happen. In a blog post, Facebook announced a five-year plan to create 10,000 new high-skilled jobs in the European Union over the next five years (EU).
Furthermore, Facebook already employs over 10,000 people who are working on consumer hardware, such as augmented reality glasses, for the company. A new virtual-reality remote work app developed by the company, which allows users of the company's Oculus Quest 2 headsets to conduct meetings as avatar versions of themselves, was put into beta testing in August.
All of these initiatives are intended to aid in the development of the metaverse, which the company considers to be a critical component of its long-term success and development.
In spite of the fact that it is believed that unlocking the full potential of the metaverse will take some time, the company recently invested $50 million (£36.3 million) in non-profit organizations to assist in "contributing responsibly to the metaverse's development."
A July interview with CNBC revealed the CEO of Facebook's long-term plans for the multibillion-dollar company.
The company's trial before the United States Senate coincides with the adoption of a new corporate name. An anonymous former Facebook employee revealed that the company was aware that its apps were harmful to the well-being of young users, but did nothing to address the problem.
The connotation of the metaverse
When we talk about the "metaverse," we're talking about virtual worlds where multiple people can interact in a three-dimensional environment, often through the use of virtual reality headsets. When it comes to practical applications, this refers to products and services that make use of augmented and virtual reality. One such world is the gaming world, in which players communicate with one another through the use of virtual characters known as avatars.
A three-dimensional virtual world populated by avatars of real people was first introduced by Neal Stephenson in his 1992 novel Snow Crash, which is where the term originated. In the future, there will be no single company that owns or operates the metaverse. As is the case with the internet, the openness and interoperability of the system will be its distinguishing characteristics.
Already, major technology companies such as Microsoft, Roblox, and Epic are making investments in the metaverse, believing that it will help to open up new creative, social, and economic opportunities for their employees and customers.
Facebook has also begun testing its digital currency wallet Novi in the United States and Guatemala, as well as other countries. The announcement was made by David Marcus, the vice president of Facebook's Novi wallet. After regulators rejected the company's own cryptocurrency, Diem, the company decided to use the Paxos Dollar stablecoin instead.
The custody services for Novi are being provided by Coinbase, a cryptocurrency exchange based in the United States of America. In order to benefit from free money transfers between wallets, users must first download the app on their iOS or Android device and register with a government-issued identification card.
US senators, on the other hand, have urged Facebook to abandon its digital wallet and cryptocurrency project, claiming that the company cannot be trusted to manage cryptocurrencies responsibly.
Diem, as well as stablecoins in general, are incompatible with the current financial regulatory landscape, according to the senators. "Facebook is pursuing aggressive digital currency plans once again and has already launched a pilot for a payments infrastructure network, despite the fact that these plans are incompatible with the current financial regulatory landscape," the senators wrote.
As of this writing, there has been no response from Facebook to the letter. In general, the company is going through a difficult time, but whether or not they will come out unscathed is a story that will only be revealed with time and experience.
