Facebook wants to change its name and points to the union of crypto assets and the new digital reality in the “Metaverse”

After he finally launched his Novi digital stablecoin wallet, Facebook, one of the largest conglomerates of social networks in the world, announced that it is discussing changing its name, possibly to adapt to a new proposal from the social network: its entry into building a digital ecosystem and the launch of its metaverse.

According to sources on this topic, the new nomenclature should not be intended for the social network Facebook, but for the conglomerate that brings together Face, Instagram, WhatsApp and other network initiatives.

In this way, “Facebook Inc” would be renamed “Meta Universe” and with that its approach would become the Metaverse, a proposed union between the virtual and the real so that it is not possible to draw lines between the one and the other’s purpose of the human.

Facebook wants to change its name and points to the union of crypto assets and the new digital reality in the “Metaverse”
Facebook wants to change its name and points to the union of crypto assets and the new digital reality in the “Metaverse”

Like many modern technologies, the concept of a metaverse stems from science fiction.In 1992, Neil Stephenson’s novel Avalanche first mentioned the Metaverse, describing it as a shared virtual space in which users can interact.

However, while it is widely used to describe the digital world where users can communicate, socialize, and negotiate with other people, the concept is actually much broader and virtual reality (VR) and reality technologies are expected to be augmented (AR) the evolution of the virtual world by creating immersive experiences for users.

Facebook’s take on the Metaverse is a far cry from Stephenson’s science fiction concept. The company describes it as “a series of virtual rooms where users can hang out, create and explore with others who are not in the same physical space “.

The first steps of the metaverse

The first steps in the metaverse Facebook is looking to grow were taken by companies like Second Life, Descentraland, Axie Infinity, Roblox, and Fortnite. In addition to playing games, interacting with other players, earning cryptocurrencies, pop stars can do live shows. digital inputs are sold like NFT, among others.

Philip Rosedale, As the inventor of Second Life, he anticipated the future of a digital economy beyond the real world and launched Second Life in 2003, long before that Bitcoin (BTC) and cryptocurrencies.

Users can live in the social network a completely “new” life through his avatars. In the Second Life universe, it is possible to get married, have a relationship, play games, become a singer, become an artist, and even have a formal job dealing in land and property, among other things.

The same concept applies to the Ethereum (ETH) based platform. Descentraland, whose MANA token has increased more than 3,000% since its inception. In Descentraland, land is being sold to entrepreneurs who can build businesses like casinos that in turn employ people from the “real world” to work with their avatars in the digital world.

Currently, however, platforms like Second Life, Descentraland, Roblox and Fortnite act as “walled gardens” (A walled garden refers to an environment that controls user access to the content of the web or related services) that are their property.

Facebook’s proposal, which could be based on blockchain technology, in the Metaverse future, users will be able to use an avatar to move between worlds and the assets they create or own from one platform to transfer another.

So in a way Facebook wants to promote the creation of bridges that connect the digital cities of the metaverse. Like today’s cities, they are connected by public roads that are used by everyone to move between spaces.

The metaverse will also be public roads connecting the various private applications developed by companies.

Why is Facebook getting into this field?

To the Ramona Pringle, Associate Professor at Ryerson University’s RTA School of Media, The interest of the current institutions in building the metaverse is far greater than the old interests that were driven by the collection of user data for marketing purposes.

“With the Metaverse, platform owners not only have data about individuals, but in some ways also about their own lives,” he said.

He also notes that although Facebook’s entry into the Metaverse was recently announced, the social network has been laying the foundation for a long time to enter this new universe.

In 2014, Facebook acquired Oculus, a virtual reality and headset startup. In 2019, however, the social network could have consolidated its largest position in the metaverse with the purchase of the startup CTRL-Labs, the manufacturer of a bracelet that can convert the electrical signals sent by the brain into computer-controlled commands. the so-called “brain click”.

The bracelet manufactured by CTRL-Labs is called my and is able to use electromyography to translate muscle activity (such as movement) into gesture-based computer commands.

“So if you want to bet who’s doing this not just for the population but for the world, you should bet on Facebook,” said Beth Coleman, professor at the University of Toronto’s Department of Communication, Culture, Information and Technology.

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