Fb plans to vary its identify

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© Reuters. FILE PHOTO: In this March 25, 2020 image, a 3D printed Facebook logo is placed on a keyboard. REUTERS / Dado Ruvic / Illustration

(Reuters) – social media giant Facebook Inc (NASDAQ 🙂 plans to rename itself next week to reflect its focus on building the metaverse, The Verge reported Tuesday, citing a source with direct knowledge of the matter.

Facebook CEO Mark Zuckerberg plans to speak about the name change at the company’s annual Connect conference on Oct. 28, but it could be unveiled earlier, The Verge reported.

A metaverse refers to shared virtual world environments that people can access over the Internet. The term can refer to digital spaces that are made more lifelike through the use of virtual reality or augmented reality.

The rebranding would likely position Facebook’s social media app as one of many products under a parent company that will oversee groups like Instagram, WhatsApp, Oculus, and more, the report added. Facebook said it didn’t comment on any rumors or speculation.

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