Facebook announced last week that it is rebranding to Meta to better serve its future as a hardware and VR and AR platform—setting the foundation for its metaverse.
Why this matters: Facebook was built as a web-first social networking product and evolved into a source for news, messaging, ecommerce, and online advertising. It remains the most popular social media platform, with 2.8 billion active users, despite mounting criticism on how it operates its business.
Apple failed to beat earnings expectations for the first time since 2016, a result of a $6 billion loss attributed to the effects of the chip shortage. It also lost its standing as the most valuable company, as Microsoft took over the top spot.
By the numbers:
Nike filed four requests to the US Patent and Trademark Office last week to trademark “downloadable virtual goods” under the Nike and Jordan brands, including shoes and apparel, according to Bloomberg.
What this means: Brands are beginning to take virtual goods more seriously—not just as experimental marketing tools but also as potential revenue streams.
There are already signs of demand for digital goods: