Facebook Inc. has changed its name to Meta Platforms Inc., or Meta for short, to reflect CEO Mark Zuckerberg’s commitment to developing the ” metaverse,” a revolutionary surround-sound technology. However, the social networking site will continue to be known as Facebook.
Skeptics instantly accused Facebook of attempting to divert attention away from the Facebook Papers, a collection of leaked information that has pushed the corporation into its worst crisis since it was formed 17 years ago in Zuckerberg’s Harvard dorm room. According to the documents, Facebook prioritises profitability over removing hate, political unrest, and misinformation from its platform around the world.
It’s a “virtual habitat” that you can go within instead of just staring at on a screen, according to Zuckerberg. Virtual reality headsets, augmented reality glasses, smartphone apps, and other gadgets can be used to meet, work, and play.
According to Victoria Petrock, an expert who analyses developing technologies, it will also include other areas of online life such as shopping and social media.
Beginning in the fourth quarter of this year, Zuckerberg announced a new division for Facebook that will publish its financial results independently from the company’s Family of Apps sector. According to Facebook, Reality Labs will diminish the company’s overall operating profit by around $10 billion this year.
Other tech companies, including Microsoft, Nvidia, and Epic Games, have all outlined their own plans for how the metaverse would function.
The word Facebook no longer encapsulates what the firm does, according to Zuckerberg, who explained the rebranding. This now includes Instagram, Messenger, its Quest VR headset, its Horizon VR platform, and more, in addition to the social network.