Facebook is planning to rebrand itself with a new name ?!

Facebook is planning to rebrand itself with a new name, according to a report from tech site The Verge on Tuesday, it cited a source with direct knowledge of the matter, the report says. Facebook CEO Mark Zuckerberg is set to discuss the rebranding at an annual conference next week and comes as the company faces intensifying scrutiny from US lawmakers over its business practices. Facebook said in response that it does not comment on, quote, rumor or speculation.

Reports say Facebook is now planning to rebrand itself with a new group name that focuses on the Metaverse. The name change is likely to be announced next week. Facebook CEO Mark Zuckerberg has been talking up the Metaverse.

 What is Metaverse?

Metaverse is a broad term, and it generally refers to shared virtual world environments which people can have access to using the Internet. The term can refer to digital spaces which are made more lifelike by the use of virtual reality or augmented Reality.

Metaverse is also often used to describe GamingVerse, there is also specific type of Metaverse which uses blockchain technology. In this, users can buy virtual land and other digital assets using cryptocurrency.

Why is Metaverse taking off?

Fans of Metaverse see it as the next stage in the development of the Internet. Metaverse will create new online space in which people's interactions can be multidimensional. Viewers can immerse themselves in digital content rather than just using it. Accelerated interest in Metaverse can be seen as a result of the pandemic during which there has been an increased demand for ways to make online interactions more lifelike.

The Move also reflects Facebook's heavy investment in virtual reality and augmented reality as it builds its so called Metaverse, where it aims to connect over 3 billion users through several devices and apps. On Tuesday, it announced plans to create ten Thousand jobs in the European Union over the next five years to help bolster this effort.

Similarly, Google established Alphabet as a holding company back in 2015 to expand beyond its search engine and advertising businesses. The Verge report says a possible name for the company could have something to do with the word Horizon, Facebook recently renamed it’s in development VR gaming platform Horizon Worlds. The Rebranding would position Facebook as one of many products under a parent company, which will also oversee apps like Instagram and WhatsApp.