Facebook became Meta one year ago: Here's what it’s achieved
It’s been just over a year since social media giant Facebook rebranded as Meta at the Facebook Connect conference on Oct. 28, 2021.
The name change reflected the company’s growing ambitions to transcend past social media and into the world of Web3, crypto, NFTs, and the Metaverse — virtual worlds where consumers are likely to spend more of their time for both work and play.
The company has been busy.
In December 2021, Meta debuted its Horizon Worlds virtual reality social networking project, while it also opened up advertising for more crypto ads on Facebook.
In April 2022, reports emerged that the company has been considering a digital currency designed for use in the Metaverse internally dubbed as "Zuck Bucks,” though no further updates on the project have been seen since.
In May, the company filed five trademark applications for a payments processing platform with support for cryptocurrencies and digital assets called Meta Pay.
In September 2022, the company announced that 2.9 billion users would have the ability to post digital collectibles and NFTs they own across Facebook and Instagram across 100 countries by linking their wallets.
Meanwhile, on Oct. 11, Meta announced a partnership with tech giant Microsoft to bring a range of Microsoft Office 365 products into Meta’s virtual reality (VR) platform to try and coax other companies to work in virtual environments.
However, the year has not come without its challenges, particularly when it comes to the company's Metaverse ambitions.
Last week, Altimeter Capital’s CEO and founder called Meta’s $10 billion to $15 billion a year investment into the Metaverse as “super-sized and terrifying.”
Meta’s Q3 report appeared to only solidify these concerns, with the stock price falling
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