Facebook Metaverse : The Rebranding Become a Rocket Booster for NFTs
Hope everyone is aware of the booming news that spread like a forest fire on the Internet from Yesterday. So let's talk a bit about that. Yes, you are right, it's all about the rebranding of the giant Facebook!
"Meta", the new company name of the social media giant Facebook. Meta will be the overall parent company for other individual apps and services like Facebook, Instagram, as well as WhatsApp. They will maintain their branding under the “Meta” umbrella. Facebook made this announcement after figuring out that growing metaverse is going to be its future business.
Mark Zuckerburg, the CEO Facebook announced this news on 29th of October during the keynote of the annual Facebook Connect event. The meet was mainly focused on the Metaverse. Following the keynote, Zuckerberg told "The Verge" that “I think we’re basically moving from being Facebook first as a company to being metaverse first,”.
So let me first explain about the Metaverse.
What Is Metaverse?
Metaverse is a speculative future iteration of the Internet part of shared virtual reality, often as a form of social media. The metaverse in a broader sense may not only refer to virtual worlds operated by social media companies but the entire spectrum of augmented reality. In simple words, the flat apps and websites that we are using today are going to be steadily replaced by 3D environments and shared spaces.
The term Metaverse arose in the early 1990s. But later popularised by Snow Crash, a sci-fi novel written by Neal Stephenson in 1992.
The metaverse specifies the collection of shared online worlds where the physical, augmented, and virtual reality converge. Here the people can buy things and services, hangout with friends, attend meetings, etc. But the users cannot switch between many virtual worlds that exist online. Because they cannot retain their identities and assets. This problem can be solved by the Metaverse as it turns the distinct online worlds into a single, seamless entity.
It is not a new idea of creating an alternative digital universe. It was a thing that has always existed in games. The digital goods economy and platforms that offer augmented and virtual reality is boosted by the NFTs, the mania of digital assets. This helps in making virtual experiences more realistic.
Okay, now it is very clear about the metaverse. Let us now know how this update will support NFT.
How Facebook’s Rebranding Helps NFTs?
- Collectible NFT assets can be converted into 3D avatars. Using this the owners can bring them into all types of web spaces like work, play, social interactions, exercise, etc.
- The keynote by zuckerberg highlighted the capacity of 3D social interactions, the intelligence to do work with metaverse, and the style that NFTs can be used to show collectibles and avatars identical.
- NFT artist Amrit Pal Singh, said “A metaverse gallery is a great way to form a community around my work. It also enables me to curate other artists and showcase my collection,”. He is the one who built Toy Face Cafe, a three-storey art gallery over a 180-square metre plot in Cryptovoxels Metaverse. He also added that “I feel metaverse real estate has a lot of opportunities in the long run,”. This indicates that the metaverse gallery will fuel the NFT world. This will make it easier for people to sell Limited Edition digital objects by displaying them in their digital spaces
- From Zuckerberg's keynote, we can assume that he believes there will be a “pretty important role” for crypto technology like NFTs and smart contracts in the metaverse.
Hope this massive rebranding of no.1 Social network will make everyone know about metaverse, and bring NFTs to the common people around the world.
As a NFT development company, we have already started researching Facebook's revolutionary move, and we predict that this could bring a strong base for NFTs to evolve further in real life use cases especially in Metaverse and VR gaming.
Stay tuned with us!