The Positive Consequences Of Facebook’s Name Change

Facebook’s name change to Meta, announced last week, has had positive consequences on other businesses that share a similar name.

Mana, a cryptocurrency used for buying and selling virtual land and the native digital token of Decentraland, was virtually unknown before Meta CEO Mark Zuckerberg’s announcement. On Saturday evening, the price of mana went to an all-time high of $4.16, up 400% from where it traded shortly after the Meta name change announcement, according to CoinMarketCap data. The price has since fallen to around $3.16, according to CNBC.

In a case of mistaken stock identity, a Canadian materials company based in Nova Scotia called Meta Materials gained 26% in after-hours training on the Nasdaq on Oct. 28, the day of Facebook’s announcement. Over 12 million shares in the company changed hands during the trading session, double the usual daily volume, according to CBC. The company designs materials for a variety of industries, notably consumer electronics and aerospace.

Meta Materials CEO George Palikaras tweeted regarding the name change, “On behalf of @Metamaterialtec I would like to cordially welcome @Facebook to the #metaverse.”

While the name change has benefitted some others, TMZ reports that Zuckerberg’s quest to change Facebook's name could hit a snag as someone is ahead of him in grabbing the Meta trademark. The founders of the company Meta PC, Joe Darger and Zack Shutt, filed a trademark for the word Meta on their computers, laptops, tablets, and software among other tech-related items.

According to the founders, Meta PC has been operating for a little over a year, but they recently took steps to trademark their brand formally. Though the trademark has yet to be granted formally, Darger and Shutt do have a head start on Zuckerberg, but they are willing to give up the trademark for $20 million.

As a result of the name change, Meta PC has seen a 5,000% increase in followers across its social media channels.