Last April 2021, Facebook underwent a major branding change to better concentrate the firm on its metaverse efforts. A South Dakota bank sold Facebook the exclusive rights to the name "Meta" for $60 million USD as the firm pushes into the digital realm.

The integration of the Meta name into Facebook's digital assets, as well as its inclusion in Google search results and product listings, is another step toward solidifying the brand's value. In May, South Dakota-based Meta Financial Group announced that it had sold its Meta trademark to Beige Key LLC, a firm known to be affiliated with Meta Platforms.

After closing its deal with Facebook, Beige Key LLC then announced that it would be changing its name to “Meta Financial Group.” The company will retain its current stock ticker on the NYSE (META).

The move comes after Facebook announced that they would be rebranding to better reflect their future goals of creating a metaverse product line. Many speculated that this meant the social media giant would begin removing features from its primary site. To the contrary, Facebook has confirmed that this is not their intention.

Instead of neglecting the virtual reality industry, Mark Zuckerberg intends to invest further into it. Earlier this month, Facebook released a new prototype for a metaverse headset at their annual F8 developer conference.

It’s also been rumored that Facebook is looking to acquire the rights for “Oculus Rift,” which is currently owned by Oculus VR.

However, this will not be Facebook’s first foray into metaverse-related products. Last year, they released a social virtual reality program called Spaces. It allows users to go inside of an avatar and hang out with friends in a virtual space.Now, with the recent purchase of “Meta,” it seems as if Facebook is planning on combining these two products into one brand. In fact, according to reports, Spaces is expected to be rebranded as “MetaWorld” in the near future.