Facebook is preparing for a rebrand to better reflect its focus on developing the metaverse, The Verge reported on Tuesday.
According to The Verge, CEO Mark Zuckerberg plans to reveal the name change at the company’s upcoming Connect conference on October 28. The changes would also likely reflect the Facebook app’s place among the company’s wider tech ecosystem, including Instagram, WhatsApp, and Oculus.
Facebook first announced its plans to build out the metaverse — a term used to describe virtual, interactive spaces in the digital world — last month. As part of its plan, the company pledged a two-year, $50 million USD investment called the XR Programs and Research Fund aimed at subsidizing global research and program partners.
Facebook has also pledged to develop the metaverse “responsibly,” describing its plans for the metaverse as a place where users are “able to hang out with friends, work, play, learn, shop, create and more.” It further explained that the metaverse doesn’t refer to one single product built by one company, but rather a shared global space.
In case you missed it, Facebook announced the rollout of its first cryptocurrency wallet called Novi.