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LATEST NEWS

  • Chris Bratton - Tech Journalist

Facebook learns there is another company named Meta asking for millions: 400% spike of a crypto

Billionaire Mark Zuckerberg finally decided to push the official "Meta" update in all their product lines containing Facebook, Instagram, WhatsApp, and business products. It seemed all going well, but the company may have to give out $20 million to a PC building company who already sent out an application for the "Meta" trademark. That's not the only news we're highlighting but alongside a cryptocurrency named Mana spiking 400 per cent in price because of the same name.



According to the Bloomberg billionaire index, the road to building the biggest social media platform and becoming the youngest billionaire ever had its ups and downs for Mark. But the dream of making the virtual reality platform is taking a slight bump. The Meta PC company is quite sarcastic at the ongoings as they posted on Twitter with Mark holding Meta PC and announced Meta.


Meta PC company product director Liam McCarthy said, "What is meta to Facebook? It's just a word to them." That is pretty accurate in terms of the scale of the company. Facebook's metaverse aims to create virtual reality and augmented reality platforms that enable a fully immersive online realm and enable computer-generated objects side-by-side. To get the trademark and rebrand, the company may have to give $20 million to the Chicago-based company, Meta Company.


That's not all we have stored for our readers; reports show little-known cryptocurrency named Mana surged in price and reached its all-time high. The last transaction for Mana was $3.16, and the peak value was $4.16. Mana is a native Decentraland token from the self-proclaimed metaverse. It lets users buy and sell online goodies or virtual properties. With 'Meta' gaining tons of attention, metaverse cryptocurrency Mana skyrocketed and saw a 400 per cent rise over the weekend.


Facebook's metaverse aimed toward redefining virtual reality platforms where users can interact with digital objects is quite hyped. We've seen Google contract for HoloLens 2 with the government military, but this one is for general consumers. We can set an example with Zoom, ending the pandemic business session with a huge profit, acquiring new businesses to keep the revenue stream running. In terms of Facebook, it's the same thing but on a larger scale. A company generating billions each month has the luxury to explore a new line of products now and then. Jeff Bezos with Blue Ocean, Elon Mask with SpaceX are great examples of pushing the business ahead.


Asia Pacific cryptocurrency exchange head Vijay Ayyar said the crypto is relying on metaverse and Facebook's rebrand. Similar meme-currency "dogecoin" made a market evaluation of $39.6 billion; it's started following the same pattern but not that much further. Mana coins run on the Ethereum blockchain, the second-largest digital currency right after Bitcoin and can be traced to the user, making it not as lucrative as the rest.


On the other hand, Meta Company is hopeful of receiving the payout from Zuckerberg cause after all those achievements and big money in pocket, Facebook will not ruin the motive for this 'little' detail. Name registration trademark retake may cost a $20 million trifle compared to the founder's $124 billion estimated fortune. Meta PC's trademark petition is not granted yet but may soon pay for the regulation first. It would be costly for Meta PC too to rebrand the company with a newer name.


Whether they receive the payment or not, the attention geared towards it gained Meta PC a 5,000 per cent follower increase in social media channels which is not too bad. TMZ's close source said Facebook took all necessary precautions to adopt the "Meta" trademark. For a company of such scale, it will not be ignored that they failed to do primary research before handing out updates from Meta before lawfully owning the name.

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