mark zuckerberg and meta

Meta Pays Millions for Trademark Rights, Critics Are Worried About The Decentralization of Metaverse 

11.01.2022 22:01
by Nina Petrov
2 min read

Facebook completely rebranded in October 2021, following the company’s shift towards metaverse, virtual reality, and NFT. The change sprouts from the company’s new, positive attitude towards virtual and augmented reality, considered to be the future of the Internet. Ever since changing to Meta, the company has been putting a lot of effort to protect its current name. 

The US bank Meta Financial Group confirmed that Meta is ready to buy this bank’s entire trademark portfolio for $60 million in cash. 

Mark Zuckerberg, the founder and CEO of Meta

The purchase happened earlier in December, when Beige Key LLC, a Meta affiliate, signed the acquisition agreement with Meta Financial Group from South Dakota. 

At the time the agreement was signed, the affiliate links between Meta and Beige Key LLC were unknown. The link was confirmed later on when both Meta Platforms admitted the involvement. 

Meta (formerly Facebook) bought worldwide rights to the trademark title, names, registration, domain names, and social media accounts. The MetaBank will have to cut out all mentions of “meta” from its name and documents, within the following year. 

There are voices that are worried about the immense power companies like Meta have. Referring to Meta’s recent turn towards blockchain and buying shares of virtual reality, the COO of Sandbox Sebastien Borget warns that the involvement of large companies in blockchain-based metaverse can threaten its open character. 

As a creator and builder of the open metaverse, Borget declares that he puts a lot of effort into defending the metaverse from multinational giants. Borget’s greatest concern is the metaverse’s business model. The vision of these companies, claims Borget, lacks diversity and favors stakeholder satisfaction high above that of the user.  

Meta Financial Group was not the only one competing for a trademark with the company known as Facebook in the past. The case of the @metaverse Instagram account is worth a mention too. Soon after Facebook changed to Meta in October, this account was suddenly deleted by Instagram. However, it was restored after one month, explaining the action to the page owner as a mistake. 

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

Trending news

Subscribe and be in touch
Click here