Facebook paid $60 million to a South Dakota bank called Meta Financial Group to secure naming rights to rename “Metaverse”.
A spokesperson for Meta Platforms Inc, which owns the social media giant Facebook, announced that the company is behind a $60 million deal to buy Meta Financial Group’s branded assets.
In a filing with the Securities and Exchange Commission, Meta Financial announced that it had agreed to use the Meta name and related names, including Metabank and Meta Financial Group, as well as all domain names associated with the meta and social media accounts called Beige Key LLC for sale. . Meta Platforms owns Beige Key and has therefore purchased all rights.
The deal highlights the importance of the “Meta” name for the social media company that recently changed its name from Facebook to Meta. Mark Zuckerberg has a strong belief in the Metaverse concept, which he believes is the “next frontier” for the company’s growth that can ensure its success for years to come.
Facebook announced in October that its parent company had changed its name to Meta Platforms. The tech giant, which has invested heavily in virtual and augmented reality, sees Metaverse as the successor to the mobile internet.
However, Facebook’s rebranding efforts did not go smoothly. The company has received a number of threats for legal action from various companies. For example, an Arizona computer company called Meta PC registered its name back in August. However, the owners of the company are willing to sell the name on Facebook for $20 million.
The metaverse refers to the technologies and inventions that create a virtual world that goes hand in hand with our real world. Daily life under this technology will be more connected to the digital world and anyone can live in two worlds at the same time.
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