Square has announced a change in name and will now be known as Block. The name change ties in its finance and entertainment services CashApp, Tidal, and TBD, and has also announced a foray into the metaverse.
Square is following in Facebook’s footsteps and rebranding itself to Block, according to a tweet made on Dec 2. The move was made to tie in the company’s various services, CashApp, Tidal, and TBD.
The company notes that this plan has been in motion for over a year and only represents a change in name. Square will remain as an account for sellers and seller tools while Square Crypto will change to Spiral.
This is a major step for Block, which has increasingly been leaning into the crypto market. It even explicitly stated a metaverse initiative where sellers, block parties with music, “obstacles,” and more would be created.
Adding to style, the company’s new logo is also a 3D interactive object — though it isn’t for sale. The company’s CEO and co-founder, Jack Dorsey, said,
We built the Square brand for our Seller business, which is where it belongs. Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.
The name itself is a reference to the building blocks of the metaverse, which is rapidly increasing in popularity. Recently, virtual land has sold for millions on different platforms, and prominent names have begun endorsing it as well.
Square’s foray into the metaverse is unsurprising, given that so many established firms are leaning into it. The most notable of these is Meta, which has put aside $50 million for metaverse research. The social nature of the metaverse would be in line with the company’s overall strategy.
Decentraland, and more recently The Sandbox, have both grown in popularity over the past year. Players can buy virtual property and host virtual parties on top of buying in-game assets. The Sandbox, in particular, has managed to rope in celebrities like Snoop Dogg, which does a lot to increase exposure.
So, it appears that the metaverse is the next step in the NFT space, which has shown no signs of slowing down. Meanwhile, actual NFT artwork appears to be dipping when it comes to volume, likely as a result of these new assets.
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