Everything You Need to Know About Facebook’s ‘Meta’ Metaverse Play

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 30 October 2021

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by NYDIG. Facebook announced yesterday it is changing its corporate name to Meta. The name change reflects the company’s growing focus on virtual reality, augmented reality and a new version of the internet that people are calling the metaverse. In this episode, NLW looks at the reactions to the news, from those who think it represents a huge mainstreaming opportunity for crypto and non-fungible tokens to those who see it as potentially devastating for the future of the internet. NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: David Paul Morris/Bloomberg/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:16.3	The breakdown is sponsored by Nidig and produced and distributed by CoinDes.
0:22.7	What's going on, guys? It is Friday, October 29th, and you know we are discussing Facebook's
0:28.5	Metaverse play today. We've known for a while that Mark Zuckerberg is super interested in the
0:33.7	idea of the metaverse and what comes next on the internet. And last week, we started to hear
0:38.3	rumors that Facebook was in fact going to change its corporate name. Some of the rumors, by the way,
0:43.9	of what they were going to change their name to were stupendously stupid. But here we are a week
0:48.5	later, and it actually happened. The announcement came yesterday at Facebook Connect, and basically Facebook is doing
0:55.3	the Google Alphabet rebrand thing. The corporate entity will be known now as meta, appropriately,
1:01.3	and the rest of the apps will retain their names. So it's really about reorganizing the entire
1:06.3	frame of the company versus any of the specific apps. It is, in fact, about what comes next, not changing
1:13.0	the things that already are. As part of this, they will start to break out the financial results
1:17.4	from their new division called Reality Labs, that includes Oculus and other VR, AR, etc.
1:23.0	types of efforts. The goal here is to let investors see those specific efforts on their own terms rather than
1:28.3	just have their results, which are going to be in the red for some time, according to Zuckerberg,
1:33.6	dragging down the rest of the company. They also noted that they will invest $10 billion into
1:38.3	reality labs and so that Facebook's overall operating profit is similarly going to come down by
1:42.8	at least that $10 billion.
1:49.6	Facebook's stock ticker will change to MRVS starting on December 1st.
1:56.0	There is a ton to get into here, but I think as a whole, you have to say that the TLDR is that the reception of the meta announcement shows to which Facebook and Mark Zuckerberg have lost trust
2:02.8	to the extent they ever had it. Given that, I'm going to at least start by letting Zuckerberg
	...

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