After 17 years of being known as Facebook, the tech giant renamed itself last year. The corporate entity of Facebook changed its name to Meta. This change reflected their goal of becoming one of the most influential players in the metaverse. This relatively young industry is experiencing massive growth and holds a great deal of untapped potential. The company executives chose to do this to appeal to the young internet users. Facebook creator Mark Zuckerberg stated that the company would now focus on the metaverse and not the Facebook platform. Facebook’s Entry Into The Metaverse Following its rebranding and name change, Meta has taken several steps to promote its new products. As part of its strategy, the company is exploring new possible income streams and features that could potentially boost the number of users on its major social media platforms. It also plans to reverse the trend of falling user numbers. Meta opened a physical store this month. This store showcases its items for the metaverse to its customers. Additionally, CEO Mark Zuckerberg announced the intentions of the company to enter the rapidly expanding NFT market. Digital collectibles are now undergoing testing on their social media platforms. Introduction of Meta Pay Virtual coins, tokens, and lending services are all parts of Meta’s plan in the digital space. In a recent blog post, Meta’s head of Fintech, Stephane Kasriel, discussed the firm’s approach to pay...
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