Software infrastructure giant Square is getting a new name for Christmas: Block. The change aims to incorporate Cash App, Tidal, TBD, and of course, Square.
Effective December 10, Square is renaming to Block, following in the footsteps of Facebook. This was designed to tie in the company’s various finance and entertainment services, according to a tweet posted on December 2.
The move is a significant step for Block, which has been progressively investing in the cryptocurrency sector. It also said specifically that a metaverse project will be launched. The company’s new logo is a 3D interactive cube, which adds to the flair.
“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,” stated Jack Dorsey, the company’s CEO and co-founder.
The name is inspired from the metaverse’s building blocks, the bridge between reality and virtuality within the decentralised and open source virtual world. Virtual land is selling for millions of dollars on various platforms, and well-known figures have begun to endorse it.
Given how many big names are pushing into the metaverse, Square’s entry is not surprising. Meta, having earmarked £37.7 million for metaverse research, is on top of the list. The metaverse’s social aspect would fit well with the company’s broader strategy.
Over the last year, Decentraland and, more lately, The Sandbox have become the new craze, with their tokens surging dramatically. On top of purchasing in-game items, players can also purchase virtual property and host private virtual parties. The Sandbox has also partnered with celebrities such as Snoop Dogg, which helps to raise awareness.