Dfinity, the "ethereum killer," sues Facebook over its logo

Meta, which owns both Instagram and Whatsapp, is also on the decline. It announced a drop in daily active users for the fourth quarter of 2021, as well as its first single-digit revenue growth. Meta did rebound last week, with its earnings announcement outperforming Wall Street expectations. But, like many other digital giants, including Amazon and Google, 2022 is a tough year. Its shares have fallen more than 37 percent since the start of the year.

Facing growing competition from social media rivals like TikTok, Facebook CEO Mark Zuckerberg has launched a campaign to create a metaverse - an online experience that integrates elements of augmented and virtual reality - by the end of 2021. The Web3 project is also focused on creating an open source meta-festival in late 2021.

Dfinity, on the other hand, does not have as many third-party applications developed with the Metaverse in mind, although it does have high hopes for the Metaverse as Meta does, such as the game IC Gallery and MetaSports Basketball.

Dfinity has asked the court to restrict Meta's use of the infinity symbol. It is also looking for any revenue it earns from alleged trademark infringement.