Facebook has announced plans to rebrand itself with a new name as the company comes under harsh criticism from regulators around the world over some of its business practices.The new name which will be announced next week is focused on the metaverse.
The metaverse refers to effort to integrate virtual and augmented reality technology in a new online realm.Facebook wants to be known for more than social media thus, the need for the rebranding.
In addition to its flagship social media network, Facebook also owns Instagram and WhatsApp,a change of name would bring the three mega platforms under one umbrella brand, similar to the structure used by Google which sits under a parent umbrella company, Alphabet.
Analysts are of the opinion that the rebranding could be part of an effort to overhaul Facebook’s reputation following a tsunami of negative news about its operations, platforms, failure to moderate its contents, and revelations about the negative effect its products have on some users’ mental health.
