After a whistleblower leaked thousands of internal documents, Facebook changed its name to reflect its focus on the “metaverse.” The company is now under increased scrutiny for the harm caused by its various platforms.
CEO Mark Zuckerberg announced on Thursday that Facebook would change its corporate logo to Meta and reduce the Facebook brand to just Instagram and WhatsApp, rather than the overall brand.
What Does Metaverse Mean?
There is a virtual world called the metaverse where people can work, play, and shop. The next step is social connection, according to Facebook.
Metaverse is a worldwide collaborative project that anyone can participate in. As a result, you’ll be able to do things like socializing, learning, collaborating, and play that isn’t currently possible.
Since its rebirth as a next-generation social media platform, Facebook has reached previously unheard-of heights. While the name “Facebook” still conjures up its ubiquitous social media platform images, it has expanded to include rivals, support services, and even hardware manufacturers.
Facebook has spent over $23 billion on acquisitions since 2005, including social media platforms, messaging apps, and even virtual reality hardware. Facebook has acquired 78 companies alone in the last 15 years, including some of the biggest names like Instagram, WhatsApp, and Oculus VR.
Due to the fact that most acquisitions are made on a private basis, this number is almost certainly higher.
However, why would Facebook make such a large investment in a wide range of businesses? While we can’t be sure, we do know that, unlike other businesses, they stand to gain from knowing their customers.
Why Zuckerberg Changed Facebook’s name?
In light of recent scrutiny from lawmakers, researchers, and users, Facebook’s corporate rebranding presents an opportunity to refocus attention.
As a result of the Facebook Files series (a podcast of WSJ), which revealed that Facebook is well aware that its platforms are riddled with flaws that cause harm, Mr. Zuckerberg says the company’s criticism is unfair and paints a false picture of the organization.
The outdoor clothing company Patagonia, for example, has stuck with its decision to stop running paid advertisements on Facebook and has urged other businesses to follow suit.
What the Rebrand to Meta Means Going Forward?
For the vast majority of people, Meta’s rebranding will have no meaning at all. In 2015, Google’s parent company renamed itself from GOOGLE to AlphaBET. Yet, Google products are still used by everyone even after the name has been changed.
While the rebranding will have little impact on the company’s new direction, it will have an impact on the new focus. Customers can expect to see more metaverse-friendly products and services from Meta due to the change in direction.
Meta is also working on its Horizon platform, which will allow users to access the multiverse, as announced at the event. In addition, the company is developing new augmented reality and virtual reality products, similar to the current Oculus line.
The Effects of a Granular Customer Profile
Having so much access to your personal data may have you wondering why it matters. But, for the average person, these worries may even seem exaggerated.
Indeed, who wants to know about a random guy going about his daily routine? A short answer is a large number of people.
Data Brokering and Targeted Ads
It’s not just about how you act as a person when tech giants like Facebook create incredibly detailed profiles of customers. Whole segments of a population can be analyzed, predicted, and even created by companies with the right tools and resources.
Better products that cater to your specific niche interests and more relevant ads are advantages of an established metaverse. However, it has the potential to quickly devolve into a tangled web of social monitoring and ethical dilemmas.
Many people are concerned with the algorithm that powers social media sites and the advertising that pays for it. Algorithms aren’t inherently bad, but biases lurk in the shadows.
A lot like the people who create them, algorithms have certain goals in mind when they’re developing them. But, unfortunately, many of these success indicators exclude ethical behaviour as a requirement.
In its long history as a social media platform, Facebook has been implicated in racist, sexist, and other immoral uses of its algorithm. Nevertheless, they work to change public perception and rhetoric that can harm societies in general, even if these algorithmic biases don’t appear critical at first.
On social media, keep in mind that getting information from a curated feed always comes with a purpose, even if you didn’t intend it.
Security Risks of Granular Data
It’s important to keep this in mind because most governments still don’t understand the socioeconomic and psychological effects of the internet. This lack of technological know-how on the part of governing bodies has the effect of delaying regulation.
Some alarming allegations have surfaced against Facebook in the recent past. These include allegations that the social media giant helped manipulate electoral results, allowed politicization on all sides, and even granted advertisers the ability to learn personal information about their users without their knowledge or permission.
Many people consider the regulatory lag in technology to be a benefit due to the fact that regulation often hinders progress.
The regulation also protects end-users from being exploited, particularly if they are ignorant of it. As a result, many data brokers are more concerned with making a profit than protecting the interests of their clients.
Meta Is Welcoming in the Metaverse
Meta is no stranger to augmented and virtual reality, has brought the technology to consumers through the Oculus line and a recent collaboration with Ray-Ban.
There is no doubt that things are about to change dramatically as a result of a renewed focus on the metaverse as a whole.
As Zuckerberg stated during his Connect keynote, even he is unsure of the metaverse’s future. How thrilling!