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According to a recent regulatory filing by Meta Financial Group, Facebook’s parent company is set to invest USD 60 million to buy the branding rights owned by the US bank.

Meta Financial Group signed a purchase agreement with Beige Key LLC, a Delaware limited liability corporation, earlier this month.

A spokeswoman for Meta Platforms told Reuters, “Beige Key is associated with us, and we have purchased these trademark assets.”

MetaBank’s representative also acknowledged that Meta Platforms was engaged in the transaction.

The bank has assigned to the buyer for USD 60m in cash all of the “worldwide right, title, and interest in and to” its names and trade names, trademark registrations and common law rights, domain names and social media accounts, as well as all goodwill associated with the above marks and names, the filing said.

Meanwhile, as Meta works to incorporate huge portions of virtual reality into its metaverse, Sebastien Borget, co-founder and COO of decentralised gaming virtual world The Sandbox, warns that giant tech corporations might jeopardise an open, blockchain-based metaverse.

Borget told the South China Morning Post, “Our objective is to develop an open metaverse that can stand up to what we term competition, which is the Web 2.0 metaverses.” He went on to say that his main concern right now is how to keep the metaverse from being dominated by corporations like Meta.

The Metaverse’s demand for digital land is exploding, with USD 100 million in non-fungible token (NFT) land sales in only one week in late November in the four most popular virtual worlds: The Sandbox, Decentraland, CryptoVoxels, and Somnium Space.

“The way [Big Tech] promotes the metaverse’s vision is absolutely deficient in variety,” Borget stated, adding:

“We don’t think those companies can build something truly fun that’s catered to the users because they’ve been so focused on their key business model and how to satisfy shareholders rather than satisfy users who own the asset, who own the governance of their own platform.”

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