Facebook Plans to Rebrand: Facebook is planning to rebrand the company with a new name

Facebook is planning to change its company name next week to reflect its focus on building the metaverse, according to a source with direct knowledge of the matter.

CEO Mark Zuckerberg will unveil its new name at the annual Connect conference on October 28, but it could announce the new name earlier.

Facebook, which has the ambition to be known for more than social media, announced Sunday that it plans to recruit 10,000 jobs in Europe for the next five years to help build the metaverse the company sees as a key component of its future.  

In July, Zuckerberg said that Facebook’s future lies in the virtual metaverse, in which users will live, work and play inside.

“No one company will own and operate the metaverse. Like the internet, its key feature will be its openness and interoperability,” the Facebook blog post said. “Bringing this to life will take collaboration and cooperation across companies, developers, creators and policymakers. For Facebook, it will also require continued investment in product and tech talent, as well as growth across the business.”

WHAT IS THE METAVERSE?

Metaverse is a broad term. It generally refers to shared virtual world environments which people can access via the internet.

The term can refer to digital spaces which are made more lifelike by the use of virtual reality (VR) or augmented reality (AR).

Some people also use the word metaverse to describe gaming worlds, in which users have a character that can walk around and interact with other players.

There is also a specific type of metaverse which uses blockchain technology. In these, users can buy virtual land and other digital assets using cryptocurrencies

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