Story at a glance:
- Facebook is changing its name because Mark Zuckerburg wants to focus on transitioning the company to a metaverse company.
- The company bought hardware maker Oculus Rift in 2014.
- The metaverse includes VR (users engaging in virtual reality) and AR (virtual content that interacts with the real world).
Facebook is changing its name to reflect emerging software and hardware in virtual (VR) and augmented reality (AR).
Starting as a college-based dating website and blossoming into the blogging social media tool it is today, Facebook has gone through a lot of different phases.
However, the company is committing itself to VR – users engaging in virtual reality – and AR – augmented reality, or when virtual content interacts with the real world – as an attempt to be a "metaverse company," Business Insider said.
A metaverse company, much like how Roblox or Minecraft functions or how popular movies like "The Matrix" and "Ready Player One" are depicted, is a social atmosphere where users can switch between experiencing virtual content while creating virtual experiences, Tech Crunch reported.
Founder and CEO Mark Zuckerberg plans on discussing the name change at the company's annual Connect conference on Oct. 28.
Zuckerberg's interest in a metaverse started in 2012 when he recognized that the world was embracing applications with acquisitions like WhatsApp and Instagram.
The company bought hardware maker Oculus Rift, founded by John Carmack, who created iD Software (Doom, Wolfenstein, and Quake) in 2014 to break into the VR industry.
“Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow,” Zuckerberg said around the time of the $2 billion acquisition. “Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate.”
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