To pursue the objective of establishing the metaverse, Facebook Inc. was renamed Meta or Meta Platforms Inc. in 2021. The company’s rebranding project is approaching completion.

Meta stated that it is changing its public listing ticker on the Nasdaq stock market from ‘FB’ to ‘META’ in an SEC form 8-K filing on May 31. According to a press release included in the filing, the new ticker symbol will affect June 9.

According to the announcement, the ticker symbol change does not need any action from the company’s shareholders. The company’s Class A common stock will remain listed on NASDAQ with the same CUSIP number as before.

Meta had planned to rename its ticker to ‘MVRS’ last year. According to CNBC, Roundhill Investments, which used the ‘META’ ticker for its Roundhill Ball Metaverse ETF, said that it will abandon it. In January, the ETF’s ticker was changed to METV.

Meta’s preoccupation with the metaverse is well-documented

A virtual world fueled by the internet and blockchain technology is the metaverse. The new ticker underscores the social media behemoth’s aim to be one of the industry’s forerunners. Mark Zuckerberg, the CEO of Meta, is particularly interested in how his firm might develop new work, play, and interactive experiences in the virtual world. However, the voyage may not be going as easily as he had hoped.

The company’s stock has been underperforming in the market since the rebranding. Reality Labs, the company’s augmented reality (AR) branch, recorded $3 billion in losses in its first-quarter report, putting it on course to suffer its largest losses ever this year.

On the other hand, the defeat did not dissuade Meta from continuing to pursue its metaverse goal. On Instagram, Meta just added support for NFTs. Instagram users may now link their profiles to a digital currency wallet and use NFTs as their profile images.

Meta claims that compatibility will be added to its other apps, such as Facebook, and additional capabilities like showing NFTs in AR and VR settings.

Despite its unsuccessful Deim stablecoin attempt, Meta is still planning to introduce a digital token that will be utilized on its services. The proposal was initially revealed by the Financial Times, citing persons close to the situation.

Meta isn’t the only company that sees the metaverse’s promise. Kanye West has filed a new trademark application with the USPTO, requesting 17 trademarks linked to his name YEEZUS in NFT-related businesses.

The filing was initially announced on Twitter by Josh Gerben. It’s a 180-degree shift for West, who earlier dismissed recommendations that he pursue NFTs.


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