Facebook name change to Meta and metaverse spark a backlash

Understanding Facebook’s Metaverse

Words: Chris Griffith Producer: Bianca Farmakis

Facebook emerged in 2004 as a burgeoning digital platform, navigating spaces yet to be properly chartered. In the decades that have shrouded the company in scandal and success, they have rebranded to Meta, a venture that will seek to extend the original concept to new heights.

The “Metaverse” brings the elements of an economy as a drawcard for people, companies and large organisations to take part. However Facebook’s Meta will go much further, with the business becoming a platform for real life economic growth.

The Metaverse is about transacting in the real world economy using virtual space, with all the graphic benefits of conversing in virtual reality. It’s been a project of Mark Zuckerberg for years, the founder who has always been fascinated by virtual environments—evidenced by Facebook’s acquisition of Oculus, a maker of virtual reality headsets, in 2014 for $US2bn.

The rebrand

The move to rebrand is not a last minute plan or diversion from the company's real world problems —it is about money, big money, where Facebook plans to set up an economy that will lure interest from real world corporations, investors and participants alike, but play out in virtual reality.

Non Fungible Tokens

Facebook says the Metaverse will support NFT’s, digital title deeds of ownership that have been taken up in the real world, offering proof of ownership of art, music and sporting experiences. It suggest you will be able to demonstrate ownership of assets you acquire in the metaverse with NFTs. NFT's are a unique digital identifier that cannot be copied or subdivided, and is recorded in a blockchain.

“This is clearly an action of a company in crisis. It’s certainly clear that they’re diverting attention away from this publicity crisis that they’re in and they’re avoiding major reform.”

—Dhakshayini Sooriyakumaran, Reset Australia director of tech policy

A dark past

Ms Sooriyakumaran said she fears every cyber harm imaginable such as teenage body issues, cyber-bullying and electoral interference, would be replicated in the metaverse. There are also the issues of financial regulation and consumer protection if it becomes a huge virtualised economy.

Public backlash

Others vented concerns about Facebook in general. A poll found that 88 per cent wanted Facebook to first address its core reputation issues before changing their name. Some 86 per cent of those polled agreed that changing the name won’t change their reputation.

“Instead of worrying about a virtual reality, Facebook needs to actually do something about the hate and violence that it continues to enable in our reality.”

—Eric Naing, Comms director of Muslim Advocates