Report by Mohd. Omar Malik
Facebook CEO, Mark Zuckerberg, made an important announcement during the annual Connect conference. He announced that the company’s name will be changed from Facebook to Meta as a part of a major rebranding.
The social media application(Facebook.com), though, currently being used by 3 billion people, will continue to maintain its name.
According to Zuckerberg, the name has been changed in a conscious effort to showcase Facebook as not just a social-media company but to highlight the company’s growing focus on Metaverse.
What is Metaverse?
According to Facebook, Metaverse is a set of virtual spaces in which you can create and explore
with other people who aren’t physically with you. With Metaverse, people can experience the internet in 3D. This means a person can meet, play, work or join places as if they were experiencing it physically rather than just seeing it online.
Facebook is planning to use technologies such as Augmented Reality (AR) and Virtual Reality (VR) that will enable the people to experience the event as if it was physical. Using Metaverse, Facebook is aiming to connect its 3 billion users online.
Who will own the Metaverse?
No single corporation will oversee the Metaverse. Rather, companies all around the world will
collaborate to build and use Metaverse together. The technology may take 10 to 15 years to fully develop and be ready to use.
It looks like a really long-term plan, what is the hype about then?
Facebook has announced its plan to hire 10000 professionals over the next 5 years for the development of this project. The company has also started a XR Program and Research Fund, a 2-year $50 million investment in research to help build the Metaverse.
This fund will set up the necessary infrastructure and research by industry partners, governments, civil rights groups, and academic institutions to explore the technology.
How will Metaverse work once it is all done?
According to Facebook, after the development and launch of this technology, people will be able to access it using PC, AR, VR mobiles and game consoles. It will be like playing in an animated life-like arena, much like what you see in science fiction shows.