Facebook acquires the rights to the Meta name for $ 60 million

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A step forward in the metaverse direction: Facebook acquired the rights to the Meta name, which belonged to a bank in South Dakota, for a total of 60 million dollars.

60 million dollars: this is how much the name Meta is worth to Facebook

It’s only been a few weeks since Mark Zuckerberg announced to the world the arrival of the metaverse. Since then it seems almost no one talks about anything else, or at least not inside the offices of Facebook. The company is now fully working for the realization of the new world and has recently acquired the exclusive rights to exploit the name Meta. In fact, these belonged to a South Dakota bank. The price of the transaction? Alone 60 million dollars.

In fact, given the value of the project and what it will pay off in the long run, this could be a real bargain for Facebook. The news was released just yesterday, when the Meta Financial Group, based in South Dakota, has formalized the sale of the name for the benefit of Beige Key LLC, which is connected to Facebook. The selling company told Forbes that it will work to remove all references to the old name by the end of the year.

Reuters also reports that the agreements between the two entities actually date back to about a year ago. In fact, the portal points out that the South Dakota company had embarked on a completely new brand strategy since the beginning of the year.