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Quixplained: Why Facebook wants to rebrand itself for the ‘Metaverse’ and how it will work

For Facebook, the ‘rebranding’ isn’t just about a switch in the company name but a reflection of the company’s growing ambitions and focus on a new area: metaverse - which CEO Mark Zuckerberg clearly sees as becoming a reality sooner or later.

Facebook will invest $50 million to create a ‘responsible’ metaverse. (Illustration: Suvajit Dey)

Social media platform Facebook is planning to rebrand the company by renaming itself, according to a report by The Verge. For Facebook, the ‘rebranding’ isn’t just about a switch in the company name but a reflection of the company’s growing ambitions and focus on a new area: metaverse – which CEO Mark Zuckerberg clearly sees as becoming a reality sooner or later.

“In the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company,” Zuckerberg had said earlier in July. “In many ways, the metaverse is the ultimate expression of social technology.”

Facebook and the Metaverse What is the Metaverse? How will it work? Facebook’s plans with the Metaverse

Facebook Inc had said on Monday that it will start publishing the financial results of its augmented and virtual reality labs as a separate unit, where it is investing billions in its ambitions to build the “metaverse” and as it reported that its main advertising business faces “significant uncertainty.” The social media giant has already announced plans to invest $50 million as part of its efforts to create a ‘responsible’ metaverse. It also plans to create nearly new 10,000 jobs in Europe as part of its ‘metaverse’ ambitions.

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First published on: 28-10-2021 at 18:53 IST
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