Facebook is reported to be planning to change its name next week to prepare itself for its new focus on building the digital metaverse space.
Citing Reuters, Wednesday (20/10), Facebook’s renaming will be discussed by Facebook’s Chief Executive Officer (CEO) Mark Zuckerberg at the annual “Connect” conference on October 28.
Even so, the name change could happen more quickly following the decision made by the social media giant.
To note, the metaverse is a shared virtual environment and ecosystem that can be accessed by the public online. The term also refers to the use of digital space using augmented reality.
The plan to change Facebook’s image will position Facebook as a product after previously being known as the parent company in charge of other applications such as Instagram, WhatsApp, to Oculus.
Even so, Facebook has not leaked or hinted at a replacement name that will be used.
Previously, Facebook planned to employ 10,000 employees in the European Union over the next five years to help build the metaverse, a world where everyone communicates in a virtual space. This is a significant step that Facebook has taken, as Mark Zuckerberg has mentioned in recent months.
In September, Facebook allocated $50 million (USD) to build the metaverse. In July 2021, Facebook also created a product team to work on the metaverse that would become part of Facebook Reality Labs.
“This investment is a vote of confidence in the strength of the European technology industry and its potential. Europe is very important to Facebook,” the company said.
