Apple and Amazon missed earnings, IMAX is getting into streaming, and there’s now a ‘Squid Game’ cryptocurrency, but we’re stuck here talking about Facebook’s (NASDAQ: FB) new makeover following its annual Connect event.
And while I’d love to dismiss this move as little more than Zuckerberg’s vanity/get-out-of-jail project, there’s probably a bit more to it than that.
What’s Facebook’s new name?
That’s it, a pretty on-the-nose play at making itself the big bad in Metaverse tech. What’s more, Facebook’s famous ‘FB’ ticker symbol will be no more, being replaced with, you guessed it:
These changes will come into effect on December 1, though it’s important to note that the changes won’t apply to the Facebook product, just the parent company, similar to Alphabet with Google. But does this makeover solve Facebo — excuse me — Meta’s current slew of problems?
Not in the slightest.
Apple’s iOS 14.5 privacy updates, costly outages, and moral conundrums regarding harmful content still plague the company. This is also why it desperately needs the Metaverse.
In recent years, Facebook has ramped up its hardware R&D, splurging on virtual reality (VR) headset-maker Oculus, introducing a line of Portal video-calling devices, and launching the Ray-Ban Stories glasses. All of this technology will be crucial to Facebook’s plans for a virtual, internet world,
At last night’s event, CEO Mark Zuckerberg laid out several examples of this, in my opinion, dystopian hellscape of a Metaverse, where holograms will stand beside us at concerts and people can work together in digital offices despite being thousands of miles apart. Ok, maybe ‘hellscape’ is a bit harsh, and from any other company, I’d be very excited about the prospect of playing virtual golf with friends from my living room, but it’s hard to trust Facebook.
This is still some ways off yet though, but with analysts predicting that the concept of a Metaverse could be worth close to $85 billion by 2025, it could well be the cash cow Meta thinks it is. Let’s wait and see.
Editor at MyWallSt
Jamie is the Content Editor here at MyWallSt. His favorite stock is Apple, which is also the first stock he ever bought. Jamie is not only a big fan of its products, but he believes that the tech giant has a whole lot more to give the world, and hasn't even scraped the surface of its potential.