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Facebook to Change Name to Indicate Metaverse

Facebook already owns a Virtual Reality (VR) game called Horizon Worlds.

Facebook is planning to change its name to something reflecting Metaverse, according to a report by The Verge from Tuesday.

An anonymous source has revealed that Facebook is going to discuss this decision during the company’s annual Connect Conference on October 28th, but it could happen before that too.

The name change is to indicate the social media behemoth’s Metaverse ambitions. It wants to have a big market share, not only in the social media space but also in the emerging Metaverse and Digital Assets industry.

Facebook already has a brand under its belt called Oculus, which manufactures Virtual Reality headsets. The company also owns a VR game called Horizon Worlds. So, it may be planning to cover all the bases by building its Metaverse.

In July, Mark Zuckerberg, co-founder and CEO of Facebook, told The Verge that, over the next several years, “we will effectively transition from people seeing us as primarily being a social media company to being a Metaverse company.”

A couple of days ago Facebook announced that it is going to hire 10,000 more employees to work on the metaverse in Europe, as per a Reuters report.

The explosive growth shown by Non-Fungible Tokens is also an indication that metaverse is on the cards. Metaverse was coined by Neal Stephenson in his 1992 science fiction novel Snow Crash, wherein humans, as avatars, interact with each other and software agents, in a three-dimensional virtual space. Today, it is in a nascent stage, but it is showing huge potential.

News recommendation: Facebook Forms $50M Investment Fund to Build Metaverse

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