Goodbye Facebook, Hello Meta.

Facebook as a social network is still going to be Facebook. Meta will be the parent firm that owns Facebook, Instagram, WhatsApp, and Oculus.

On 28 October 2021, Facebook has  announced that it will change its name to Meta, the next step into its plans of pioneering the Metaverse.

"From now on we are going to be Metaverse first, not Facebook," Zuckerberg said. "Instead of being an internet that we look at, right, on our mobile phones or on our computer screens, it's an internet that we are a part of, or that we can be inside of."

The  future of Meta will be focused on developing virtual reality technologies that connect people through a different medium. In the following decade, he predicts that one billion individuals will be using the Metaverse.

The company is currently facing criticism over its lack of actions on privacy and neglecting employee welfare. Even after a whistleblower, Frances Haugen,  testified before legislators, charging that Facebook officials showed flagrant contempt for democracy and young people's mental health when they recognized their platform may have detrimental effects, Zuckerberg did not explicitly address Haugen's charges. During his speech on Thursday, he stated instead "the last few years have been humbling for me and our company in a lot of ways."

Zuckerberg ensured in this announcement that "Privacy and safety need to be built into the metaverse from day one." This will necessitate not just new technical development — such as community support for crypto and NFT initiatives — but also new governance structures.

Now, eyes are on them as it is sure that Facebook is committed to the building of a Metaverse as they continue to display monopolistic behaviour.

The name is being positioned as more representative of the company's future intentions to expand from a social network to a metaverse. Although Zuckerberg is still defining what it means to be a "metaverse corporation" for its core platform and consumers, augmented and virtual reality is at the heart of the goal. Horizon Workrooms, a concept that allows users to conduct meetings in virtual reality, has previously been shown off in an early version by the business.

The new name will have no effect on the core Facebook, Instagram, Messenger, or WhatsApp services, which will continue to be known by their existing names. However, as time goes on, the services may become more metaverse-oriented.