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Technology

31 Oct 2021

Facebook to Become Metaverse; Mark Zuckerberg’s Strategic Move

Facebook to Become Metaverse; Mark Zuckerberg’s Strategic Move

The Index Today

Mark Zuckerberg’s latest announcement to rebrand Facebook Inc’s name to Metaverse is one of the latest series of events after the tech guru took over Instagram, Oculus VR and Watssap in recent years.

On Thursday, Mark Zuckerberg presented metaverse through an elaborate video as he introduced the world to his next move. The metaverse is based on science-fiction novels such as Ready Player One, where shows an online world that exists across various dimensions and technology platforms. People will soon be able to participate in an immersive digital space and virtually meet other people.

With his continuous rebranding and reshuffling every few years, Mark Zuckerberg has managed to increase his tech empire wealth to over $900 billion. However, his path to growing his company has not come without hiccups. The billionaire’s company has undergone criticism and scrutiny for poor management and allowing hate information to be spread on the platform.

With the company’s third-quarter earnings report, Mark Zuckerberg said the company will shift focus onto young adults and aims to allocate a $10 billion budget towards the development of metaverse. However, another scandal recently rocked the corporation, where “The Facebook Files” showed how the firm was unaware of problems within its applications and company algorithms that created social discord.

During the event, Mark stated, “Were a company that focuses on connecting people. While most other tech companies focus on how people interact with technology, we focus on building technology so people can interact with each other. Today, were seen as a social media company. But in our DNA, were a company that builds technology to connect people, and the metaverse is the next frontier.”

For the upcoming term, much focus is expected to be on the corporation’s products and creating an edge to become less dependent on other platforms such as Apple and Google. Facebook aims to bypass Apple Inc entirely with the development of metaverse.