The announcement of the name change was done though the Facebook Connect augmented and Virtual reality conference.
Meta chief executive officer (CEO) Mark Zuckerberg said that it is in the company’s DNA that builds technology to connect people and that the metaverse is the next frontier just like how social networking was when they started the company back in the day.
The change of the name, however, would not affect the famous blue social networking application as it will keep its name as Facebook, but this would mean a new brand identity for the corporate umbrella who owns Instagram and WhatsApp as well.
“Facebook is one of the most-used products in the history of the world. It is an iconic social media brand, but increasingly, it just doesn’t encompass everything we do.
“I want to anchor our work and our identity in what we are building towards,” he added.
The announcement of the new name and structure of the company came at the end of a presentation on the company’s plans for virtual and augmented reality.
Zuckerberg walked through some features of an immersive virtual experience, from pretend surfing to work meetings, digital concerts, exercise, and gaming
“You’re going to be able to do almost anything you can imagine, teleporting around the metaverse is going to be like clicking a link on the web,” he said.
Zuckerberg also added that he believes that the metaverse has a potential to become mainstream in five to ten years and that it will be the successor to the mobile internet.