FB, Insta and WhatsApp are moving to Metaverse: What does that mean?

Facebook Inc. has been inviting more memes than it usually does, ever since it declared in October 2021 that it would be changing its name to Meta, and moving to the metaverse. It also said that it has invested billions of dollars in augmented and virtual reality labs as separate units form its social media handles. Since FB’s main advertising business faces an uncertain future, as the company admits, it is keen on shifting operations to another plane. 

What is metaverse? 
The term metaverse is not new. It was coined by science-fiction author Neal Stephenson in 1992 in his novel Snow Crash. The American writer described metaverse as a shared virtual space where people connect with others virtually using the internet, VR, and AR together, using avatars. Given the pandemic and ensuing lockdown, we came closer to the metaverse concept through an unforeseen reason. Zuckerberg also wants to launch a VR and AR enabled world where high-quality avatar communicating with others is possible.   

Why did Facebook change its name to Meta? 
Facebook has been actively, and expensively, working in bringing VR and AR closer to the internet for quite some time. It started showing this interest back in 2014 by acquiring VR headset manufacturer Oculus. So changing the very name with which we are familiar to Meta signals its willingness to dive deeper into the virtual world. If FB can move according to its plans and if situations permit, the change might happen in August 2022. FB is not alone in this game. Many other companies including Apple, Google and Microsoft have been trying to grow their businesses by combining VR and AR with their core businesses.  

Is there any other business reason for the name change?  
FB is facing serious legal battles in global markets over the way it operates as a social media network. It’s fighting charges of allowing hate speeches and fake accounts of favoured political parties in several countries including India. Some of FB’s own employees have quit the company to speak about unlawful and unethical activities by FB, and have gone on to publish proofs directly in the media. Some believe that Facebook may want to overcome the allegations and criticism by moving towards the metaverse.