Facebook Rebrands to Meta with Plans for NFT Support
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Facebook Becomes Brandnew As Meta that Will Support NFTs
In a detailed letter, Mark Zuckerberg stated:
"The next platform will be even more immersive, an embodied internet where you're in the experience, not just looking at it. We call this the metaverse, and it will touch every product we build."
As part of the vision, non-fungible tokens (NFTs) will play a huge role in the metaverse realm which are representations of digital objects or artworks backed by a unique piece of data on a blockchain.
Facebook Head of Metaverse Products, Vishal Shah said:
“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.”
While it’s still not clear how NFTs will fit into Zuck’s vision of metaverse but based on the video presentation, the CEO referred to "digital goods" as part of the user experience.
The Social Media Giant's Foray into the Metaverse Realm
The company is already building and testing a social platform for the metaverse called Horizon and has for years developed VR for its Oculus headsets and recently hinted at hiring new talents for its metaverse unit.
Facebook reportedly has been investing heavily into building a metaverse with its investment in such development work is estimated to be at least $10 billion in this year alone. Part of the project will supposedly include a unified account system that will include all the company's social apps, the Oculus Quest headset, Portal, and future devices.
