Everyone owns a personal Facebook account, with roughly 2.91 billion monthly active Facebook users as of the third quarter of 2021. The social media platform, Facebook is the most extensive social network worldwide. But what is this “Meta” everyone is talking about right now?. And do you know Facebook Rebrands as Meta and causes a Hazy Jump in Crypto Mana?
Recently we got to know that Facebook is rebranding themselves under a rebranded corporate parent called Meta. However, the social networking app will continue to go on with their name Facebook. The change will not affect the signature blue color logo, but it will define a new identity for the corporate umbrella that owns Instagram and WhatsApp.
Metaverse – A potential Future of The Internet
“Metaverse” is a term for a potential future of the internet that emphasizes virtual spaces. It sounds both Tech and Catchy. That was the primary goal of CEO Mark Zuckerberg. He stated that the Metaverse would be the internet’s “next frontier.” He said in his online presentation that “Facebook is one of the most used products in the history of the world….. I want to anchor our work and identity in what we are building towards“. I’m sure you have seen the movie “Ready Player One,” a science fiction movie based on an online VR gaming platform. This scenario is exactly what Zuckerberg is visioning about. “meta” being “beyond” in Greek was another hint.
Just as smartphones have mostly supplanted desktop computers, Zuckerberg believes the Metaverse will be the following way people connect with computers and with one another. So if Instagram and messaging were Facebook’s ventures into mobile innovation, Meta is the company’s wager on the Metaverse. And what better way to demonstrate his seriousness than a name change?
Meta changes Facebooks’ Creator Studio
Meta stated that it would be launching a custom-made promotional link through its Creator Studio for creators to use. And the people who use this link to subscribe using Facebook Pay will let creators keep all the money they earn from the transaction, excluding the taxes. As part of the company’s $1 billion investment in artists earlier this year, Facebook will also give creators a bonus of $5-20 for every new subscriber they attract through the end of the year. Though this particular feature is invite-only, the company will try to expand it sooner in markets.
What Can We Do in The Metaverse?
Ever wanted to go on a shopping spree? But you are too lazy to do so? To go to a concert but it is physically impossible to travel abroad for it? Wanted to go to the ancient ruins of Rome? This is precisely what Facebooks’ Metaverse is capable of doing. Think of it like going to a virtual concert, taking an unexpected trip, and trying digital clothing. A game changer! Especially useful during tough times like a work-from-home shift. Instead of being in a boring video call, you will be able to see your coworkers virtually. How cool is that?
Facebook and Oculus, an Expensive Partnership
Back in time, Facebook launched a meeting software for companies called ‘Horizon Workrooms.’ “A lot of the metaverse experience is going to be around being able to teleport from one experience to another,” Zuckerberg says. Well, there you have it—a real-life version of Ready Player One. Tech businesses are still figuring out how to integrate their web platforms. To make it function, rival technological platforms will need to agree on standards so that there won’t be people in the Facebook metaverse and other individuals in the Microsoft metaverse.
- Horizon Workrooms can be accessed with Oculus VR headsets. Although these early reviews on Horizon Workrooms have not been the best.
- The headsets costing around $300 or more made it even more challenging for people to experience this cutting-edge technology.
- The users who could purchase these $300 headsets joined through avatars to flit between virtual worlds created by different companies.
Crypto Mana – What is this?
Have you ever heard of bitcoins? If yes, that’s what crypto is. Also known as cryptocurrency, this is a digital currency that can be used to buy services and goods but using an online account with solid cryptography to secure online transactions. The most popular crypto, the bitcoin, had had a volatile price that moved this year, reaching a whopping $65,000 in April before losing nearly half of its value during May. And within October, the price has risen rapidly again, hitting an all-time best of $66,000.
There are more than 13,000 different types of cryptocurrencies that are now traded publically, according to CoinMarketCap.com. Meta Mania is spilling over in the crypto world. This little-known cryptocurrency is called Mana, soaring over 400% once Facebook rebranded themselves as Meta is now taking the attention of many cryptocurrency users. Mana, which is used to buy and sell virtual land similar to the Metaverse, rose from $0.80 when Facebook announced the rebranding process to Meta to an all-time high of $4.16.
Origins of Mana
Dating back to 2017, Mana was introduced as the native digital currency of Decentraland, which runs on Ethereum– (a blockchain platform behind the world’s second-largest digital currency, with its cryptocurrency, called Ether (ETH) or Ethereum, and its programming language, called Solidity).
The Hazy Jump of Crypto Mana and What Came Out of It
According to Coinbase, the cryptocurrency has subsequently lost some ground and is now trading at $3.13. However, that’s still a 306 percent rise from the day before Facebook announced its redesign on Oct. 27. Decentraland itself allows you to connect to a game-like atmosphere where you can create virtual lands and let other users explore them and participate in games, very much like Minecraft but not precisely as that virtually.
Facebook’s big bet on the Metaverse has attracted the attention of many companies focusing on this area. However, Decentraland operates differently from Facebook, expected to be virtual, focusing on user-generated content. Plus, Mana is not the only crypto to surge after Facebook rebranded itself. SAND, also a token for Sandbox, jumped with a 176% increase.
So, in conclusion, we still cannot be sure if Facebook’s Metaverse will be a big hit or if it will be the downfall. Yet, it will still be a great platform to look forward to and to experience something new.