Facebook's corporate name has been changed to 'Meta'.

Mark Zuckerberg is now the chairman and CEO of Meter.

As the core of Facebook’s social services and AR / VR business, Meta Naming means reflecting the firm’s Zuckerberg position on the “Metaverse” experience and services, which he believes will reach 1 billion people in the next decade.

“Our goal remains the same – it’s still about bringing people together,” Zuckerberg said Thursday at the start of Facebook Connect, the company’s annual conference for AR / VR developers and manufacturers. “However, we now have a new North Star that will help bring Metavers to life, as well as a new name that symbolizes the full scope of what we do and the future that we want to build.”

According to Zuckerberg, Facebook is one of the most used products on the planet, but it “increasingly doesn’t contain what we do.”

“From now on, we’re going to be Metavers-first, not Facebook-first,” he said, adding that customers will eventually be able to access the company’s other products without using Facebook.

By changing its name to Meta, Facebook is also establishing a new story about the mammoth firm, which comes amid a flurry of recent pieces from major news outlets revealing new secrets about its internal functionality. The reports are based on the cache of a leaked document known as “The Facebook Papers” which indicates that top Facebook executives, including Zuckerberg, ignored employees’ concerns about problems with incorrect information.

Metavers, according to Zuckerberg, go beyond ordinary social media by allowing individuals to communicate in a much more attractive way in the virtual world. According to Zuckerberg, ecommerce activities are part of the Metaverse strategy, and will help the company reduce its reliance on competitors such as Apple and Google.

“We’re known as a social-media company today,” Zuckerberg added, “but our DNA focuses on technological innovations that connect people, and metavers are the next frontier.”

The goal of the business is to start trading on December 1 under the new stock ticker symbol “MVRS” with a new meta name. “Meta Platform, Inc.” The full name of the company. The declaration “does not affect how we use or share data,” according to Business 8 Facebook’s name change to meet 2015 is comparable to Google’s parent company Alphabet.

This Monday, Zuckerberg announced that Facebook will invest $ 10 billion in the Metavers project this year, which includes Oculus VR products, smart eyewear and ecommerce, the amount he wants to increase in the coming years. Before reaching the form of Metaverse, Meta wants to spend “many billions of dollars,” he said on Thursday (October 28, 2021).

Facebook announced earlier this week that starting with its Q4 earnings, it will split its results into two business segments: Family of Apps (FoA), which includes Facebook, Instagram, Messenger, WhatsApp, and other services, and Facebook Reality Labs (FRL). ), Which includes augmented and virtual reality-related consumer hardware, software and content.

At the end of Zuckerberg’s 75-minute keynote address, Mete announced the name change. During the fun and visionary Facebook Connect webcast, Zuckerberg and other corporate executives showcased a variety of virtual social-space concepts, including games, music and entertainment, fitness, remote work, education and shopping (both digital and physical) to sell products. In Metaverse, people will be represented by avatars, which Zuckerberg described as “your live 3D presentation” which is more detailed than social network profile photographs.

During Facebook Connect, Zuckerberg’s avatar joins colleagues on a Metaverse meet-up.

On the gaming front, Oculus Quest 2 is collaborating with Vertigo Games, Epic Games, Warpfrog and Rockstar Games on a new VR project for Oculus Quest 2, including a version of “Grand Theft Auto: San Andreas.” According to Marne Levine, Facebook’s chief business officer, the company will invest $ 150 million in VR learning content over the next three years.

Facebook is working on a number of new hardware devices as part of its Metavers push, including “Project Cambria,” a high-performance VR and mixed-reality headgear compared to the Oculus Quest 2, which claims to better portray the wearer’s expression and body language. . Project Cambria’s release date is set for 2022.

In addition to the recently released Ray-Ban Stories (starting at $ 299), the business is working on the project Nazare, which will be “full AR” smart glasses. According to Zuckerberg, the company is also working on technology that will allow users to experience an immersive, all-day metavars experience. He highlights the company’s work on AR and VR neural interfaces, which use electromyography (EMG) inputs to translate a person’s electrical motor nerve signals for a virtual experience.

According to Zuckerberg, privacy, security and interoperability “must be included in the metavers from day one … these must be basic elements.”

Horizon refers to the company’s Metavers platform, while Spark AR refers to a suite of tools for creating augmented-reality experiences that overlay the real world.

Whistleblowers have leaked internal documents to a group on the media site, accusing Facebook of prioritizing profits over security, which has caused bad press for the corporation in recent weeks. The corporation has retaliated, claiming that the documents were cherry-picked from an internal research and discussion board.

In a call to Facebook’s Q3 results, Zuckerberg condemned a “concerted effort” by media outlets to “choose hacked material to present a false image of our firm.” He added that issues such as misinformation are “not exclusively social media-related.”

At the end of his speech on Thursday, Zuckerberg said, “We have learned by fighting difficult social problems and living under closed platforms. Now is the time to work on what we have learned in the next chapter. ”