Facebook is Planning a Rebranding of its Name, Here’s the Crypto Connection

Facebook, the world’s largest social media platfrom is reportedly looking for a rebranding of its name in the coming week, as per a report published in The Verge. The Verge report cited an insider with direct knowledge of the matter. The report indicates that Mark Zukerberg is focused on rebranding Facebook to project it more than just a social media platform, with the main focus on Metaverse.

Metaverse seems to have got Zukerberg’s attention completely and insiders claim he wants to be known as the key architect of the metaverse. Metaverse is the next level in the NFT mania where everything would have a digital avatar rather than just specific brands. The rebrand would reportedly place Facebook’s iconic blue app among several others under a parent company.

Zukerberg seems to be smitten by the crypto bug since 2019, but after the failure of Diam previously known as Libra, Facebook aims to become a leader of the metaverse. The social media giant has already hired 10,000 staff that are working towards the development of consumer hardware like AR glasses that Zukerberg believes would be as common as smartphones in the age of Metaverse.

Facebook Keeps its Crypto Dreams Alive

The first digital asset from the social media giant that also involved a rebranding didn’t go as planned. The Libra stablecoin project from Facebook was launched with a similar hype and promises to change the digital asset market but it never lifted off despite industry big wigs such as Paypal and Mastercard being key partners.

While Libra faced critical bashing from the US Congress and regulators around the world, Metaverse dreams could give the much-needed breakthrough in the digital decentralized world. Facebook launched its digital wallet service NOVI earlier today which would play a key role in the metaverse. However, Facebook must be wary of the regulators as US Congress asked the social media giant to give up on its digital dreams deeming it non-trustworthy.