Popular social media platform Facebook has now renamed its parent company ‘Meta’ in line with its plans to focus on Metaverse business. With its new initiative, the company will focus on the NFT domain as well.
“This will make it easier for people to sell Limited Edition digital objects like NFTs, display them in their digital spaces and even resell them to the next person securely,” said Vishal Shah, head of the company’s Metaverse division.
Facebook had long been rumored to expand its focus on the Metaverse business. In August of this year, it was found that the company is considering implementing NFT-related functions in its digital wallet “Novi”.
At that time, David Marcus, the head of the company’s subsidiary Novi, said:
“It’s too early to talk about our plans, but we’re definitely looking at a number of plans to get involved in the space, because we’re in a good position to do so.”
Shah’s remarks were made at Facebook’s “Connect” event on the 28th. The company’s AR/VR division “Facebook Reality Labs” metaverse presentation material also included images suggesting that it would handle “NFTs”.
The company has revealed that it will not change the names of apps such as Facebook and Instagram.
The names of the apps that we build—Facebook, Instagram, Messenger and WhatsApp—will remain the same.
— Meta (@Meta) October 28, 2021