Social media giant Facebook made its metaverse intentions clear last fall when it changed its name to Meta. Despite the harsh criticism and the fall in the share price, the company holds its ground and changes its stock symbol to live up to its ambitions.
Meta confirmed on Tuesday that it will change its Nasdaq ticker to META starting June 9. The news was announced in a document filed with the Securities and Exchange Commission (SEC), which states that the change will take place before the start of trading on that date.
Meta, which currently trades as FB, had planned to adopt MVRS as its new ticker on December 1, but this change has been delayed. As CNBC notes, Roundhill Investments previously used META for its Roundhill Ball Metaverse ETF, but announced in January that it would be changing it to METV.
The metaverse refers to a future version of the internet that many in the tech world believe will be built on blockchain technology. It’s expected to be a more immersive experience in which people use avatars to socialize, shop, work and play, with potentially the ability to use NFTs – including as avatars and for clothing – in a wide variety of online spaces.
Facebook shared its vision for the space in a lengthy video presentation last October, in which co-founder and CEO Mark Zuckerberg explored a variety of shared spaces as a cartoon version of himself. The demo featured online events (like concerts), games and work scenarios, including use of the company’s Meta Quest 2 virtual reality headset.
While the presentation described an ambitious vision for a new stage of the company’s activity, which is expected to take several years to set up, this project has some investors worried about the amount of resources needed and the actual use. by users.
Meta’s share price has fallen significantly over the ensuing months, particularly following a revenue shortfall in the fourth quarter of 2021 in February. FB currently trades at just over $192 per share, up from nearly $317 the day it changed its name to Meta. That said, many tech stocks have struggled lately, as has the cryptocurrency market.
Meta has not yet indicated whether it plans to use blockchain technology for its metaverse purposes, as well as interoperable cryptocurrencies and NFT assets. However, Instagram app recently added NFT support, and Facebook will get this feature soon.
Some cryptocurrency builders who have been working on metaverse apps and assets for years have warned of Facebook’s potential interest in a closed metaverse, or “walled garden“. Yat Siu, co-founder and executive chairman of metaverse investor Animoca Brands, called Facebook and Chinese tech giant Tencent “threat” for an open and interoperable metaverse.
In a recent podcast interview with entrepreneur Tom Bilyeu, Zuckerberg hinted that he’s open to the idea of Facebook’s metaverse using NFT assets that aren’t tied to the platform.
“I think in a lot of experiences, especially social experiences where people come together and want to express something about themselves, you’re going to want those things transferred“, said Zuckerberg.
“I imagine that if we facilitate interoperability, many developers will choose to do so, even if not all“, he continued. “So I think it’s going to be pretty powerful“.