Facebook will change the FB stock ticker after the stock prices took a beating recently as we reproted previously in our cryptocurrency news.
The company’s ticker META Will replace FB as the company rebranded back in October with its now long-term metaverse plans. The Social media giant Facebook made its intentions for the metaverse clear after it rebranded to META and despite the harsh criticism and the crashing stock prices, the company is standing tall now Facebook will change its ticker to match its ambitions. Meta confirmed that it will change the NASDAQ ticker to META and the news broke in a filing with the US SEC that stated the change will happen before the start of the date.
Meta now trades under FB and planned to adopt MVRS as a news ticker back in December but the plan was delayed. Roundhill Investments used META For its Ball Metaverse ETF but then announced they will change it to METV. The metaverse is a future version of the internet that many believe will be built on the blockchain. It is expected to be more immersive where people can use avatars to socialize, work and play with the ability to use NFTs. Facebook shred its ideas for the metaverse back in October when Mark Zuckerberg explored a variety of shared spaces as a cartoonish version of himself and the demo also featured events like games and work scenarios.
While the presentation showed the ambitious vision for a new stage of the company’s business, it was estimated to take a few years to build but some investors were concerned about the amount of resources required and whether the uses will actually use it. META’s stock price dropped dramatically in the past few months after the earnings miss in February. FB is now trading for $192 per share or down from the $317 on the day that it rebranded to META. With that said, most tech stocks struggled and so did the crypto marekt.
Facebook will change the FB stock ticker but METa still has to state whether it plans to use blockchain technology for its aims along with crypto and NFT assets. The company’s Instagram app also added NFT support but Facebook will soon to gain this functionality. Some builders in the crypto space that worked on metaverse applications warned of Facebook’s interest in a closed metaverse. In a recent podcast with Tom Bilyeu, Zuckerberg suggested that he is open to the idea of the Facebook metaverse using NFT assets that are not locked to the platform:
“I think in a lot of experiences, especially social ones where people are getting together and want to express something about themselves, you’re going to want these things to transfer.”
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