Why Facebook is rebranding / changing its name – on Oct 28: Facebook has decided to change the name of its social media. The news came in a recent report published. For the past few years, the US company has been conducting research in virtual reality and augmented reality. However, Facebook has decided to change its name to change its identity from a social media company.

The Verge reports that the Connect Conference on Facebook will be held on October 28. Facebook chief Mark Zuckerberg is expected to discuss the name change later that day. The Verge report states that several sources, who did not want to be named, said so. The report, published in The Verge, further states that Facebook, Instagram, and WhatsApp will operate separately under the company. However, Facebook declined to comment on the report.

Mark Zuckerberg’s company has already announced a 50 million investment for Metaverse. In addition, the company says it will create 10,000 new jobs in Europe. But what is Metaverse actually? I will know about it below.

Why Facebook is Rebranding / Changing its Name?

Facebook, WhatsApp, Instagram, and other company services will work under a parent company in the same way Google works under Alphabet.

Facebook chief Mark Zuckerberg has said that the whole world will run through a fast metaverse. So the US company has decided to change its name to strengthen its name in this world. Facebook has already bought the virtual reality company Oculus. So the company is not willing to lag behind in the world of virtual reality.

And this is why Facebook wants to come out of the identity of a social media company. There are multiple allegations on Facebook at the moment. And at that time, the company wants to get back the trust of the customer by changing the company’s identity.

The company has already faced strong criticism in several countries, including the United States. In addition, the former product manager of Facebook has accused the company of knowingly harming society.

Read More: How Facebook VR technology will help in staff recruitment and training?

What is Metaverse?

There may be multiple answers to this question. But the simple answer to this question is that Metaverse is a parallel virtual world. Therefore, there will be different character identities and accessories.

Metaverse can gain popularity after the internet age. However, Silicon Valley researchers believe that Metaverse will be present in the physical and digital world.

However, it is not possible to create Metaverse through a single company. This is because so many more companies besides Facebook have started making Metaverse.

How will Metaverse Work?

Digital space, virtual reality games, a virtual world, or even a little game like Fortnite can be Metaverse. For example, Fortnite recently hosted a ‘Music Experience.’ It was possible to talk to the artists in the game. This means that the band will be able to showcase their products within the game.

Customers will get virtual service through Metaverse. Virtual assets can also be created through cryptocurrencies.

What is Facebook’s Plan with Metaverse?

Metaverse is very important for the future of Facebook. A digital world where people will spend most of their time with friends and the value of virtual assets will be higher, where all the rules will be different. And Facebook wants to create something like this.

For this, Facebook can use its own Oculus Virtual Reality Platform. Through this, people will enter the world of the Metaverse.

Facebook says you can work, play and shop with friends in the virtual world through Metaverse. In other words, Facebook is coming up with Metaverse to make the time you spend online better.

Facebook also said that it is not possible to create a metaverse overnight. This work will take 10-15 years to complete. However, the company is currently looking for an answer to how Metaverse will be created.

Mark Zuckerberg founded this social network in 2004. He said in multiple interviews that the key to Facebook’s future success lies in the concept of Metaverse. Therefore, experts like this rebranding will be more effective in taking the idea of Metaverse one step further.

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