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<\/p>\nFacebook\u2019s rebranding into Meta was Mark Zukerberg\u2019s latest attempt to retain dominance in the social media world of Web3, specifically, the Metaverse. On the occasion of Meta completing one year on the rebrand, Sam Bankman-Fried (SBF), the CEO of the crypto exchange FTX, shared his thoughts on the rebranding and what it means for the future of Meta.<\/p>\n
Zuckerberg\u2019s $100 billion Metaverse experiment first raised eyebrows when the CEO released the avatar for Meta\u2019s Horizon Worlds VR platform. Subsequent releases of the Zuckerberg avatar fell prey to internet memes, although each new iteration seemed visually better than its predecessor.<\/p>\n
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According to Bankman-Fried, Facebook\u2019s growth was not impacted by newer rivals such as TikTok. Rather, he argued that the company \u201cstopped growing because, well, there was no more room to grow.\u201d<\/p>\n
SBF suspected that rebranding to Meta was a way for Facebook to improve its reputation through distraction. Moreover, the move would strengthen Meta\u2019s narrative for generating high income upon its success.<\/p>\n
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However, SBF highlighted \u201cthe vague Meta guidance\u201d and how the investors have decided to spend $10 billion per year in the Metaverse. The intent to infuse $10 billion yearly strengthens Zuckerberg\u2019s position as a believer in the Metaverse. <\/p>\n
On an end note, SBF reiterated that Facebook had already won by becoming the largest social media network. \u201cSo what’s next? Start building Social Media 3.0,\u201d concluded SBF.<\/p>\n