The decade-old social network Facebook now has a new name: Meta, Inc. The biggest changes in the company’s history were announced at the Facebook Connect 2021 event.
From now on, the company will focus on creating the metaverse it has been publicizing for a while. The old Facebook was all about connecting people through its social media platforms including Instagram, WhatsApp, and the original Facebook network. But, a lot has changed since then as the tech giant is transitioning to its new identity.
As per the official post, Meta now calls itself a social technology company that will focus on creating VR and AR experiences delivered by its Oculus VR headsets and the new Rayban sunglasses.
“The metaverse will feel like a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world,” reads the blog post.
To clear the confusion, the existing social media platform Facebook will continue to operate under the same name. Nonetheless, the new name might help the company revamp its previous image that was deteriorating by the tick of the clock due to various reasons.
Speaking of the metaverse, it’s all about creating virtual immersive experiences for the users who will be able to interact with other people and share the stuff they buy in the virtual world. For instance, the list could include everything from game goodies to virtual clothing, and so on.
Meta said that there won’t be any immediate changes to the company’s corporate structure. However, its financial reporting for Q4 2021 will include the new Family of Apps and Reality Labs segments. Also, Meta will trade under the new MVRS ticker in the stock market from December 1.