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In 2021, Facebook Inc. rebranded to Meta or Meta Platforms Inc. in a move to chase the goal of building the metaverse. The company’s rebrand is nearing its final stages of completion.
In an SEC form 8-K filing on May 31, Meta revealed that it is changing its public listing ticker on the Nasdaq stock exchange from ‘FB’ to ‘META.’ The new ticker symbol will take effect from June 9, a press release referenced in the filing revealed.
“No action by the company’s shareholders is required with respect to the ticker symbol change. The company’s Class A common stock will continue to be listed on NASDAQ and its CUSIP number will remain unchanged,” the release also noted.
Last year, Meta planned to change its ticker to ‘MVRS.’ CNBC notes that the plan was halted as Roundhill Investments, which used the ‘META’ ticker for its Roundhill Ball Metaverse ETF, announced that it would relinquish it. It changed the ticker of the ETF to METV back in January.
Meta’s obsession with the metaverse
The metaverse is a term that refers to a virtual world powered by the internet and blockchain technology. The ticker change reflects the social media giant’s determination to be one of the pioneer companies of its development. Meta CEO Mark Zuckerberg has specifically been interested in how his company can create new experiences for work, play, and interaction in the virtual world. However, the journey may not be going as smoothly as he would expect.
Since rebranding, the company’s stock has been struggling in the market. In its Q1 report, the company reported that Reality Labs, the augmented reality (AR) arm of the company, posted $3 billion in losses and is on track to post its highest losses ever this year.
The loss, however, did not deter Meta from pursuing its metaverse vision. Meta recently launched support for NFTs on Instagram. Instagram users can now connect a digital currency wallet to their accounts to display NFTs as their profile pictures.
Meta promises that the support is coming to its other apps, including Facebook, as well as new features such as displaying NFTs in AR and VR environments.
Meta is also still nursing plans of launching a digital token that will be used on its platforms despite its failed Deim stablecoin effort. Financial Times first reported the plan, citing sources close to the matter.
Meta has not been the only firm recognizing the potential of the metaverse. A new filing made with the USPTO by Kanye West shows that the musician/designer requested 17 trademarks related to the use of his name YEEZUS in NFT-related enterprises.
Josh Gerben first disclosed the filing on Twitter. It marks a turnaround for West, who has previously shrugged off suggestions that he should get into NFTs.
Kanye West has filed 17 new trademark applications around his YEEZUS name.
The filings indicate an intent to launch YEEZUS-branded amusement parks, NFT's, toys and more. 👇#KanyeWest pic.twitter.com/bI7RkA1Pk3
— Josh Gerben (@JoshGerben) June 1, 2022
Watch: The BSV Global Blockchain Convention presentation, Masters of the Metaverse