The company formerly known as Facebook is going all in on its Meta rebranding. A new report revealed that the company has paid $60 million to acquire the exclusive rights to its new name from a regional US bank.
The move is a testament to the significant value of the Meta name as the tech giant thunders into the metaverse.
Earlier this week, South Dakota-based Meta Financial Group announced in a Securities and Exchange Commission filing that it had sold all Meta Trademark assets to Beige Key LLC.
According to a Meta spokesperson:
“Beige Key is affiliated with us and we have acquired these trademark assets.”
Successor to The Mobile Internet
The deal underscores just how valuable the Meta name has become for the technology giant, who is betting that its forward focus on the metaverse will pay off in leaps and bounds in the coming years.
In fact, the tech giant who has heavily invested in virtual reality and augmented reality, sees the metaverse as the successor to the mobile internet.
