FB rebranding: Metaverse pioneers unimpressed

EARLY ADOPTERS OF the virtual worlds known as the metaverse criticized Facebook's (FB) rebranding as an attempt to capitalise on growing buzz over a concept that it did not create.

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The term 'metaverse' has become a tech buzzword this year, with companies and investors keen to be a part of the next big thing. But users have for years been spending time in these fast-growing but obscure virtual worlds. “They are essentially trying to build what many of us have been building for years but rebrand it as their own,” said Ryan Kappel, an American who for more than two years has hosted meet-ups in different metaverses.

Facebook did not immediately reply to a request for comment.

Facebook's name change to Meta Platforms and details on its plan to build its own immersive digital world, announced on Thursday, comes as the company battles criticism from lawmakers and regulators over its market power, algorithmic decisions, and policing of abuses on its services.