Facebook are reportedly ready to change their name, to accompany a shift in their business focusing on the “metaverse”
The Facebook announcement is expected to focus on the new “metaverse”, which is a digital world beyond social media, using augmented reality and VR technologies.
What is the metaverse?
Metaverse is a term used to describe a virtual environment which people access through the internet, it is a combination of augmented reality, social media, online gaming, virtual reality and cryptocurrencies.
Facebook is predicted to spend $10 billion on the metaverse this year. “We are committed to bringing this long-term vision to life and we expect to increase our investments for the next several years,” the company said in their latest announcement.
Mark Zuckerberg has become especially fascinated with the idea of Facebook becoming a metaverse company:
“It’s a virtual environment. We can be present with people in digital spaces. And you can kind of think about this as an embodied internet that you’re inside of rather than just looking at. And we believe that this is going to be the successor to the mobile Internet.
You’re going to be able to access the metaverse from all different devices and different levels of fidelity from apps on phones and PCs to immersive virtual and augmented reality devices.
Within the metaverse, you can build a hang out, play games with friends, work, create and more. You’re basically going to be able to do everything that you can on the internet today, as well as some things that don’t make sense on the Internet today like dancing.
The defining quality of the metaverse is presence, which is this feeling that you’re really there with another person or in another place. Creation, avatars and digital objects are going to be central to how we express ourselves and this is going to lead to entirely new experiences and economic opportunities.
I think that, overall, this is one of the most exciting projects that we’re going to get to work on in our lifetime.”
Will we see a brand new name from Facebook?
It has not yet been said if the name will replace our social media platform, or the parent company of Facebook, either way we are interested to see what will be announced. We will be sure to keep you updated.