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Here’s all about the new Facebook name change.

Facebook announced, it changed its company name to Meta. The name switch was declared at the Facebook Connect augmented and virtual reality conference. The new title indicates the company’s expanding goals exceeding social media. Facebook, now recognized as Meta, has embraced the new term, based on the sci-fi term metaverse. The company also said they were changing its stock ticker from FB to MVRS, effective Dec. 1. 

In July, the company declared the creation of a team that would work on the metaverse. This showed they had plans to make the metaverse a real thing on the internet for a long time and now they’ve started acting upon it. “We hope that in the following decade, the metaverse will approach a billion people, host hundreds of billions of dollars of digital trade, and help create jobs for millions of creators and developers,” Zuckerberg said.

Over the past years, the company had shown that augmented and virtual reality will be a key part of its approach. Now in the following years, the company ramped up its efforts in hardware, offering a line of Portal video-calling devices, launching the Ray-Ban Stories glasses, and rolling out various versions of the Oculus virtual-reality headsets.

Facebook changes corporate name to ‘Meta,’ with new ticker MVRS, The company also said this week it’d spend about $10 billion over the next year developing the technologies required for building the metaverse.

The demo was a Pixar-like animation software the company hopes to build eventually. The demo involved users hanging out in space as cartoon-like versions of themselves or fantastical characters, like a robot, that represent their virtual selves. 

Zuckerberg said a lot of this is a long way off, with elements of the metaverse potentially becoming mainstream in five to 10 years. The company expects “to invest many billions of dollars for years to come before the metaverse reaches scale,” Zuckerberg added. “We believe the metaverse will be the successor to the mobile internet,” Zuckerberg said.

Additionally, Meta announced a new virtual reality headset named Project Cambria. The device will be a high-end product available at a higher price point than the $299 Quest 2 headset, the company said in a blog post. Project Cambria will be released next year, Zuckerberg said.

Meta also announced the code name of its first fully AR-capable smart glasses: Project Nazare. The glasses are “still a few years out,” the company said in a blog post. Zuckerberg said, “We still have a ways to go with Nazare, but we’re making good progress.” 

The re-branding comes amid a barrage of news reports over the past month after Frances Haugen, a former employee turned whistleblower, uploaded a trove of internal company reports to media, lawmakers, and regulators and the reports show that the company is aware of many of the harms its apps and services cause but either doesn’t rectify the issues or struggles to address them. More documents are expected to be shared daily over the coming weeks.

Here’s all about the new Facebook name change.

Facebook announced, it changed its company name to Meta. The name switch was declared at the Facebook Connect augmented and virtual reality conference. The new title indicates the company’s expanding goals exceeding social media. Facebook, now recognized as Meta, has embraced the new term, based on the sci-fi term metaverse. The company also said they were changing its stock ticker from FB to MVRS, effective Dec. 1. 

In July, the company declared the creation of a team that would work on the metaverse. This showed they had plans to make the metaverse a real thing on the internet for a long time and now they’ve started acting upon it. “We hope that in the following decade, the metaverse will approach a billion people, host hundreds of billions of dollars of digital trade, and help create jobs for millions of creators and developers,” Zuckerberg said.

Over the past years, the company had shown that augmented and virtual reality will be a key part of its approach. Now in the following years, the company ramped up its efforts in hardware, offering a line of Portal video-calling devices, launching the Ray-Ban Stories glasses, and rolling out various versions of the Oculus virtual-reality headsets.

Facebook changes corporate name to ‘Meta,’ with new ticker MVRS, The company also said this week it’d spend about $10 billion over the next year developing the technologies required for building the metaverse.

The demo was a Pixar-like animation software the company hopes to build eventually. The demo involved users hanging out in space as cartoon-like versions of themselves or fantastical characters, like a robot, that represent their virtual selves. 

Zuckerberg said a lot of this is a long way off, with elements of the metaverse potentially becoming mainstream in five to 10 years. The company expects “to invest many billions of dollars for years to come before the metaverse reaches scale,” Zuckerberg added. “We believe the metaverse will be the successor to the mobile internet,” Zuckerberg said.

Additionally, Meta announced a new virtual reality headset named Project Cambria. The device will be a high-end product available at a higher price point than the $299 Quest 2 headset, the company said in a blog post. Project Cambria will be released next year, Zuckerberg said.

Meta also announced the code name of its first fully AR-capable smart glasses: Project Nazare. The glasses are “still a few years out,” the company said in a blog post. Zuckerberg said, “We still have a ways to go with Nazare, but we’re making good progress.” 

The re-branding comes amid a barrage of news reports over the past month after Frances Haugen, a former employee turned whistleblower, uploaded a trove of internal company reports to media, lawmakers, and regulators and the reports show that the company is aware of many of the harms its apps and services cause but either doesn’t rectify the issues or struggles to address them. More documents are expected to be shared daily over the coming weeks.