In February 2004, the world as we knew it changed when Facebook was launched in a small dorm by Harvard student Mark Zuckerberg and his roommates.

Over the next two years, the brand, with its blue and white logo, and over 2.80 billion users associated with the name as of 2021, reached unimaginable heights and fame.

Well not anymore. On Thursday, October 28, 2021, Zuckerberg announced at the company’s Connect event that the company will now be known as the “Meta”.

According to Zuckerberg, quoted by The Verge, the name Facebook doesn’t encompass everything the company does. As time goes on, the world will see Meta as a Metaverse company.

The change was part of Zuckerberg’s larger plan to transform Facebook from a purely social media company to a “metaverse company”.

This new brand name is derived from the Greek word for “beyond,” which is a metaphor for the company’s new message that there is always more to be built. In addition, this rebranding came with a new logo that resembles the infinity symbol.

Metaverse’s concept has generated a lot of buzz lately, with big names like Microsoft and Facebook making their claim.

The term “Metaverse” was originally coined by Neal Stephenson in his 1992 novel “Snow Crash”. He described a virtual reality environment full of lifelike avatars and 3D buildings.

There have been many different interpretations of the name since then, most recently by the founder of Meta, where he envisions an augmented reality where you hang out with friends, work, play, study, shop, create and more. It’s not necessarily about spending more time online – it’s about making the time you spend online more meaningful. “(Source: Meta)

Although the parent company has changed its name, the other companies under the meta umbrella like Instagram and WhatsApp will keep their names.

If you think of Black Mirror in this whole thing, you are not alone. So many people compare this possible reality to many episodes in the futuristic science fiction series.

Whether people agree with the concept or not, the project is already in motion. The company plans to hire 10,000 people in the EU and invest $ 50 million over five years to “build” the Metaverse.

What does this shift mean for small businesses?

When they launched the Facebook Marketplace, it paved the way for many small businesses to sell their products. Since the coronavirus pandemic, many small businesses have been relying on e-commerce to keep themselves going.

So, of course, the question that came up was what this new metaverse rebranding means for small businesses, which we discussed in our previous blog.

Some of the key takeaways from the blog about introducing the Metaverse and what it may have in store for small businesses were:

• Metaverse will enable small businesses to stay in touch with remote teams like never before. Distances and time zones will no longer be an obstacle to collaborations around the world.
• It will play a massive role in people’s perception and appreciation of digital art and open up a huge market for NFT artists to sell their works.
• Businesses are going to be completely digitized, and businesses are likely to be going completely remotely. As a result, hiring virtual assistants and remote workers is becoming the new norm.
• This will be a boon for seasoned businesses as they will reach a wider audience than before, where people either couldn’t afford the experience or are in a different geographic location. For example, space travel in the Metaverse could be a huge opportunity for virtual realities.

As part of this new movement, Metaverse plans to expand its operations to Asia and the EU and has recently opened its first stand-alone facility in Asia. The 130,000 square foot office space, formerly known as Facebook, has moved to Meta and is now focused on the Metaverse digitization process.

The ultra-modern office looks modern and intends to stay true to its humble startup roots, complete with exposed bricks and unfinished floors. According to Meta’s Indian head Mr. Arjit Mohan, they followed standard Facebook office design elements from around the world. As a result, it looks similar to the office in Singapore, London and other cities.

The office is what every modern millennial dream is made of – minimalist furniture, pop culture-inspired art in every corner, touchless coffee machines, large meeting rooms with whiteboards for brainstorming, and a cafeteria that dwarfs most restaurants.

A new exciting addition to the office is the Center for Fueling India’s New Economy, a space dedicated to shaping the future of digital India. Visitors can find out more about virtual reality there, find out more about various digital tools – such as the Oculus – and take a look into the future of augmented reality. You will also learn how virtual reality affects essential aspects of our lives such as education, health and tourism.

Additionally, the office intends to create space to train aspiring influencers, content creators, and small business owners.

A post on Mr. Mohan’s social media page states: “We see this office in Gurugram as an opportunity for us to create a space that will not only house our largest team in the country, but will also be a space, that engages intensely with the outside world, one that actively engages communities across the country, “Ajit Mohan said on his social media post.

Inaugurated by Rajeev Chandrashekhar, Minister of State for Skills Development and Entrepreneurship, Electronics and IT, the center announced its intention to train and qualify 1 crore companies and 2.50,000 creatives in three years.

If there is a new launch in the tech industry with benefits, it inevitably comes with some drawbacks. The same goes for metaverse.

With the launch of the Metaverse, there will be a massive gap between humans and reality. People fear that they will become addicted to the Metaverse and that the next generation will grow up with it.

As with anything unknown, people are wary of this new change and its impact on our lives. But as with everything, we have to evolve and adapt to the times. So although people are cautious, they have to embrace the new technology for better or for worse.

There were computers in the 80s, the internet in the 90s and smartphones in the 2000s. In the past few years, cryptocurrency has been the new big thing, and people have managed to make every new development a success to improve their lives. If the world adopts the metaverse with the same approach, it will be interesting to see what this new technology shift will mean for humanity.

If you are adapting to the future of work and want to hire a virtual assistant for your business, click here for your free consultation with Wishup or email us [email protected].