Facebook is planning a rebrand by introducing a new name for the company, The Verge reports, citing a source. The new name will likely highlight the company’s efforts into building what they’re calling the “metaverse,” a virtual space in which users can interact with. The term was coined by Neal Stephenson in his 1992 sci-fi novel Snow Crash.
“I think over the next five years or so, in this next chapter of our company, I think we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company,” CEO Mark Zuckerberg said in an interview from The Verge that was published back in July.
The Verge also reported that Zuckerberg will discuss the name change during Facebook’s Connect conference, which will take place next week on October 28. Although Zuckerberg is expected to delve into the topic at the annual conference, it’s possible that the new name will be unveiled before then.
According the The Verge, the new name “is a closely-guarded secret” that isn’t known to many within the company, even those in senior position.
In a September post from Facebook titled “Building the Metaverse Responsibly,” the company said that the metaverse “is a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you.” It went on to say the digital space will allow users “to hang out with friends, work, play, learn, shop, create and more.” The post was written by Andrew Bosworth, VP, Facebook Reality Labs and Nick Clegg, VP, Global Affairs.
Facebook, Inc., which is headquartered in Menlo Park, California, owns Instagram, WhatsApp, Oculus, Giphy, and more.