Facebook has paid $ 60 million to a South Dakota bank called Meta Financial Group to secure the naming rights for its “Metaverse” renaming.
A spokesman for Meta Platforms Inc, the owner of social media giant Facebook, has announced that the company is behind a $ 60 million deal to purchase the branded assets of the Meta Financial Group.
In a filing with the Securities and Exchange Commission, Meta Financial announced that it has agreed to use the Meta name and related names, including Metabank and Meta Financial Group, as well as all Meta-related domain names and social media accounts Company called Beige Key LLC for sale. Meta Platforms owns Beige Key and has therefore bought all rights.
The deal highlights the importance of the name “Meta” to the social media company that recently changed its name from Facebook to Meta. Mark Zuckerberg has a strong belief in the Metaverse concept, which he believes is “the next frontier” to the company’s growth that could ensure its success for years to come.
Facebook announced in October that its parent company changed its name to Meta Platforms. The tech giant, which has invested heavily in virtual reality and augmented reality, sees the Metaverse as the successor to the mobile internet.
However, Facebook’s rebranding efforts have not gone smoothly. The company has received a number of threats to legal action from various companies. For example, an Arizona computer company called Meta PC registered its name back in August. However, the company’s owners are ready to sell the name to Facebook for $ 20 million.
The metaverse refers to technologies and inventions that create a virtual world that goes hand in hand with our real world. Daily life under this technology will be more connected to the digital world and a person can live in two worlds at the same time.
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