Facebook Inc (FB.O) has changed its name to Meta in a rebranding that focuses on creating the “metaverse,” a shared virtual world that the organization says will be the successor to the mobile internet. However, Facebook as a social network will continue to exist. The company that owns Facebook, Instagram, WhatsApp, and Oculus is now known as Meta.
Family of Apps and Reality Labs will be the two operating segments of Meta. The “Family of Apps” will house applications, while the “Reality Labs” will house everything Augmented reality and Virtual reality.
The term “metaverse” was coined three decades ago in the sci fi novel “Snow Crash,” and it is now generating buzz in Tech Sector. It refers to the concept of a shared virtual realm that can be accessed by a variety of devices.
The metaverse is still a long way off, but parts of it, such as Horizon Home, the company’s “early vision for a home base in the “metaverse,” are already here, according to Meta. When you put on your Quest headset, the first thing you’ll see is Horizon Home.
The name change comes as the world’s largest social media company faces scrutiny from lawmakers and regulators over its market power, algorithmic decisions, and policing of abuses on its platforms.
