Though metaverse has become the buzz word in 2021 and has attracted investor interest, there have been users of internet who have spent time in the virtual world for years. In fact, what is sought to be built today, the users of virtual world have been building over a period of time. The current claims seem to be usurping what already exists as their own. Many meet-ups have been hosted in different metaverses.

Facebook’s rebranding seems to be an attempt to insert it into metaverse narrative. Metaverse environment is expected be decentralised, whereas that of Facebook is likely to be centralised.

Existing metaverse platforms, many of them, are based on blockchain technology ruling out central control. It is distributed ledger architecture.

All metaverse adopters are. however, not adverse to the entry of Facebook. Its entry could raise interest in the concept of virtual worlds and attract more users. It will support development of multiple virtual worlds.

Facebook has several reasons to enter this space. It wants to ward off adverse criticism from law makers and regulators over its monopolistic policies, algorithmic decisions and monitoring of its content. Facebook also wants an early name change to secure a new trademark legally.