But what exactly is metaverse and why is Facebook so invested in it? More importantly, does the metaverse exist?Facebook is planning to rename itself. And the change could be announced at the company’s annual Connect conference on October 28 or earlier, according to a report in The Verge. For Facebook, ‘rebuilding’ is not just a change of company name but a reflection of the company’s growing ambitions and a focus on a new area: the metaverse.
Facebook has already announced 50 million investment plans as part of its efforts to create a ‘responsible’ metaverse. It also plans to create nearly 10,000 jobs in Europe as part of its ‘flexibility’ ambitions. But what exactly is metaverse and why is Facebook so invested in it? More importantly, does the metaverse exist?
It was The Verge that first reported on Facebook’s renaming plans. Just as Alphabet has become a parent company of Google, we can see a new parent company, where Facebook, WhatsApp, Instagram, and others work. Facebook’s quest for innovation is to adapt and focus on building a metaverse, CEO Mark Zuckerberg clearly sees it becoming a reality sooner or later. And Facebook, which also owns the Oculus VR stadium, does not want to be left behind in the race to be part of the metaverse.
Facebook Chairman and CEO Mark Zuckerberg at a forum in Washington, US, October 17, 2019. (Reuters photo: Carlos Jasso, File)
It also shows that Facebook wants to be known more than just social media.
The timing may seem right, considering the negative impact Facebook has undergone, as well as the latest revelations that add to the company’s problems. And Facebook is under a regulatory scanner in many countries, including the US domestic market. But there are great ambitions to play here, which is why we need to talk about metaverse in the Facebook context.