Following the decision made by the American multinational tech company, Facebook, to change its parent company name to Meta Platforms Inc, the prices of several metaverse gaming cryptocurrencies have experienced a significant increase.
Facebook Rebrands to Meta
The California-based company officially changed its corporate name to Meta Platforms Inc. yesterday, to move beyond the social media business concept.
Facebook’s CEO, Mark Zuckerberg, noted the company is trying to introduce the “next wave of computing” and move away from its highly controversial social media app, which will continue to be known as Facebook.
The name change will also not affect Facebook’s other social networking platforms, WhatsApp and Instagram, just the parent company.
The Facebook founder pointed out that the company will soon launch a metaverse, a virtual world where users will exist as avatars, work, communicate, game, and conduct every daily activity in the virtual environment.
Affected by the change of Facebook's name to Meta, the overall game concept tokens has seen a significant increase. pic.twitter.com/rbIHUVSDdB
— Wu Blockchain (@WuBlockchain) October 29, 2021
Facebook’s Meta to Launch Metaverse Token?
It is too early to say whether Facebook’s parent company will launch a metaverse token as it ventures into the virtual world, but its crypto project is still in the works and closer to launch despite regulatory uncertainty.
The social media giant recently partnered with Coinbase to roll out its crypto wallet NOVI, which is currently in the testing phase. Facebook believes its cryptocurrency will help cater to an unbanked population of about 1.7 billion people worldwide.
Facebook’s Controversial Privacy Issues
Meanwhile, Facebook’s rebrand to Meta comes shortly after an ex-employee of the company revealed a series of negative information about the firm, contained in thousands of internal documents which are now collectively called “The Facebook Files.”
Frances Hougan, who had previously worked as Facebook’s project manager, accused the company of prioritizing its personal gains over the privacy of its users.
The revelation by the whistleblower has prompted regulators to increase their scrutiny of the social media giant.
Featured Image Courtesy of HowToGeek
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