Meta Spends USD 60M On Rights, Trademarks To Secure Its New Name

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Facebook’s parent Meta plans to spend USD 60m on naming rights. This is according to a regulatory filing.

Meta Financial Group entered into a purchase agreement earlier this month with Beige Key LLC a Delaware limited-liability company.

“Beige Key has been associated with us, and we have acquired these trademarks assets,” a spokesperson for Meta Platforms stated toReuters.

MetaBank spokesperson also confirmed that Meta Platforms was involved.

According to the filing, the bank has given the buyer the “worldwide right and title in and to” its trade names, trademark registrations, common law rights and domain names as well as all goodwill associated to these marks and names for USD 60m cash.

MetaBank spokesperson also confirmed that Meta Platforms was involved.

According to the filing, the bank has given the buyer the “worldwide right and title in and to” its trade names, trademark registrations, common law rights and domain names as well as all goodwill associated to these marks and names for USD 60m cash.

While Meta continues to pursue its plans for large virtual reality shares within its metaverses, Sebastien Borget (co-founder and COO of decentralized gaming virtual universe The Sandbox) warns that big tech companies could endanger an open, blockchain-based metaverse.

Borget stated that “our goal is to create an open metaverse that can resist what we call competition, that is the Web 2.0 Metaverses,” quoted Borget by the South China Morning Post. He stated that the main concern at present was to protect the metaverse from being dominated companies like Meta.

The demand for digital land is strong in the Metaverse. A single week in November brought in USD 100m in nonfungible token land (NFT), in four of the most popular virtual worlds: The Sandbox and Decentraland.

Borget stated that “Big Tech’s vision of creating the metaverse lacks diversity.”

“We don’t believe those companies can create something truly enjoyable that caters to users because they’ve been so focused upon their key business model, how to satisfy shareholders, rather than satisfying users who own the asset and who have the governance of the platform.

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