Facebook changed its name last week to Meta Platforms Inc to signal its focus on the metaverse, which it thinks will be the successor to the mobile internet.
Visitors are pictured in front of an immersive art installation titled "Machine Hallucinations — Space: Metaverse" by media artist Refik Anadol, which will be converted into NFT and auctioned online at Sotheby's, at the Digital Art Fair, in Hong Kong, China September 30, 2021. REUTERS/Tyrone Siu/File Photochanged its name last week to Meta Platforms Inc to signal its focus on the metaverse, which it thinks will be the successor to the mobile internet.
The metaverse broadly refers to the idea of a shared virtual platform that people can access through different devices and where they can move through digital environments.Well before Facebook CEO Mark Zuckerberg's splashy demos featuring giant robots and digital time travels to ancient Rome, dozens of companies were crafting the software and hardware that could be used for this "Ready Player One" future.
The concept, which could be more than a decade away from being fully realized, will take cooperation among tech giants. In June, investment firm Roundhill Investments created an exchange traded fund to track and profit from the work of the metaverse enablers. Hours before Facebook announced its rebrand, another firm launched its own metaverse ETF.
Roblox aims to give users and developers ways to create digital worlds. Its CEO has also talked about future shopping and conducting business on the platform, which has its own virtual economy powered by its Robux currency.'s CEO Satya Nadella in an earnings call this year said the company was working to build an "enterprise metaverse" as the digital and physical worlds converge in its offerings.
Microsoft, which owns Xbox and the world-building game Minecraft, is also a key player in the gaming world. Xbox boss Phil Spencer has talked about planning for "a metaverse or mixed-reality construct."Facebook, which will start trading as Meta Platforms on Dec 1, has said it wants to be seen as a metaverse company rather than a social media one.
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