Photo courtesy of Mark Zuckerberg/ Facebook.
Facebook founder Mark Zuckerberg is changing the name of his business in an attempt to become a metaverse company.
According to The Verge, Zuckerberg wants to transition from a social media company to a “metaverse company.”
Metaverse is the next stage of internet technology and refers to virtual worlds accessible via the internet. It’s the next generation of technology, and the Facebook founder said that the company would spend the next several years making the transition.
The company is expected to have a parent company run the Facebook app, Instagram, and other apps such as Oculus and WhatsApp. At least 10,000 employees are currently making AR glasses (augmented reality). Zuckerberg believes they will be as widely used as smartphones.
Google did something similar in 2015. The company rebranded under the parent company Alphabet and became a search engine and a brand including health tech companies and companies that make driverless cars.
The Facebook founder caught heat recently after information leaked revealing the company was aware that Facebook and Instagram were harmful to young consumers’ mental health. Zuckerberg was called to testify before a panel in Washington, D.C. by Sen. Richard Blumenthal (D-Conn.) in a letter on Oct. 20.
Another Facebook critic is Twitter founder and CEO Jack Dorsey. The CEO retweeted a post noting that the term metaverse was from a book called “Snow Crash” about a dystopian corporate dictatorship.
Zuckerberg said the internet is evolving, and he is doubling down on technology.
“I think that this is just going to be a big part of the next chapter for the way that the internet evolves after the mobile internet,” said Zuckerberg. “And I think it’s going to be the next big chapter for our company too, really doubling down in this area.”
The rebranded name hasn’t yet been released. The CEO reportedly will reveal the name on Oct. 28 at Facebook’s annual Connect conference.