Square has declared to change the name thereof and to be called Block in the future. The name change is linked with the entertainment and finance-related services thereof such as CashApp, TBD, and Tidal, and it has additionally declared to take an initiative in the field of the metaverse. The company, just like Facebook (now known as Meta), is rebranding itself as per the 2nd December’s tweet. The respective step was taken to bind different services of the company.
Block, a new phase
The firm stated that its strategy has been in function for more than a year on the name modification thereof. Square will usually operate being an account to be used for seller instruments and sellers whereas Square Crypto will be altered to Spiral. The respective move turns out to be a key development for Block, with a consistently favorable behavior for the crypto market. The firm has mentioned taking an initiative in the space of metaverse where the creation of sellers, obstacles, block music parties as well as several other things would be manufactured.
In the case of style, the firm’s latest logo is 3D interactive, although it is not to be sold. The CEO and Founder of the company, Jack Dorsey, stated that the Square brand was built by them to facilitate the seller business thereof. He added that the new name will be Block however the purpose of the company remains the same and that is to raise economic empowerment and bring about a change by continuously constructing instruments to assist in increasing access towards the economy. The respective name is a signal toward the construction of blocks in the metaverse, having rapid fame among the crypto community. Recently, millions have been recompensed to buy virtual land.
The expansion of metaverse
The metaverse initiative of Square is not surprising as several prominent companies are stepping into this field. The most significant of them is Meta, having up to $50 million allocated for the research in the metaverse field. The overall strategy of the firm will be taken into consideration while venturing into the field. The initiatives such as Decentraland as well as the latest The Sandbox, have shown comprehensive growth during the recent year. Players are allowed to purchase in-game assets. In particular, The Sandbox has been successful in entering the crypto just as many celebrities such as Snoop Dogg.