Facebook is planning to rebrand itself with a new name next week to reflect its focus on building the metaverse, the Verge reported on Tuesday, citing a source with direct knowledge of the matter.
A metaverse 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 or augmented reality.
The rebranding would likely position Facebook's social media app as one of many products under a parent company, which will oversee groups like Instagram, WhatsApp, Oculus, and more, the report added. Facebook said it does not comment on rumour or speculation.
Earlier this week, Facebook announced plans to hire 10,000 people in the European Union to build the metaverse. "The metaverse has the potential to help unlock access to new creative, social, and economic opportunities. And Europeans will be shaping it right from the start," Facebook said in a blog post.
The European hires will include "highly specialised engineers", but the company otherwise gave few details of its plans for the new metaverse team. "The EU has a number of advantages that make it a great place for tech companies to invest - a large consumer market, first class universities and, crucially, top quality talent," the blog post said.