In Wall Street Warriors, students write about important aspects of the finance field as well as news in the stock market. This week, sophomores Bennett Szafranski and Spencer Lehmann discuss Facebook's new name and how it has affected the company.
Last week, Facebook announced that it will be permanently changing its name to “Metaverse”. This name change aimed to shift the company's focus from social media and to virtual reality. Mark Zuckerberg, the founder of Facebook, said, “over time, I hope we’re seen as a metaverse company.” They will be changing their stock ticker from FB to MVRS starting December 1st.
If you have ever watched the movie Ready Player One, you would probably have a general idea of what a metaverse is. In the movie, people have a whole new identity in this virtual reality. They can be different people and do various things. This is very similar to what Facebook is trying to do.
How will you be able to partake in this virtual reality? A few years ago, Facebook bought Oculus, a company that specializes in virtual reality. By having an Oculus Quest, you will be able to be introduced to Metaverse in the near future. Facebook’s metaverse will introduce new gaming, social, and workplace concepts that can potentially change the way we live. Facebook showed a series of videos that highlighted its vision for Metaverse, such as sending a holographic image of yourself at a concert with a friend attending one in real life, sitting around virtual meeting tables with remote colleagues, or playing immersive games with friends.
Even the Crypto world has benefited from this shift. A cryptocurrency named Mana, rose over 400 percent over the weekend. Mana is a metaverse platform where users can buy and sell digital properties. Ownership of the land is purchased through NFT’s as it helps track who owns which properties. Additionally, Nike has filed several trademark applications to enter the metaverse. These include downloadable virtual goods, like footwear, clothing, headwear, retail stores that feature virtual goods, and entertainment services in the metaverse.
By: Bennett Szfranski and Spencer Lehmann (11th grade)