Updated: Jan 27
On October 19, Facebook announced its plan to change the company name by next week.
According to reports, the new name will aim at Facebook’s focus on becoming a “metaverse company” instead of being social media company by rebranding its main app under a single parent company.
The metaverse is a defined concept of a virtual space where people can run virtual and augmented reality-powered avatars. This involved non-fungible tokens (NFTs) and many others. Consequently, this is tremendous news for the sphere that provides an optimistic future.
The firm didn't add any details as of now but said that more details will follow at Facebook's next annual connect conference. CEO Mark Zuckerberg stressed that he plans to talk about it at the company’s annual Connect conference on October 28. However, he could also unveil sooner, which signals the tech giant’s ambition to be known for more than social media.
Expanding further, the rebrand would likely put Facebook app as one of many products under a parent business managing Instagram, WhatsApp, Oculus, and more. However, the spokesperson for Facebook refused to comment on this news.
On September 27, Facebook announced it is investing a 2-year $50 million investment in programs and external research, which is about building the metaverse.