Of late a lot of criticisms have been flooding over its business practices, and not to mention the global outage which ended up having the internet explode into a bunch of memes and trolls, therefore, Facebook Inc., is seeking to rebrand with a new name that emphasizes the metaverse.

The word on the street is that the social media giant’s CEO Mark Zuckerberg will discuss the name change during the company's annual Connect conference on October 28, although chances are that it could be announced sooner.

A metaverse is a shared virtual world environment that may be accessed through the Internet. The term can apply to digital settings that have been enhanced using virtual reality or augmented reality to make them more lifelike. Celebrities namely DJ Marshmello is the first and great example to describe this virtual universe, as the artist was the first to hold a concert on Fortnite. To this date it is remembered as one of the most unique concerts to ever take place on a game’s virtual platform in virtual form.

However this year American singer, songwriter and actress, Ariana Grande also held her concert on Fortnite’s metaverse which had the internet all hyped up over it.

The bottom line is, all these only prove how much Metaverse is capable of and the kind of potential it has which is yet to be fully explored.

The rebranding will most likely portray Facebook's social networking app as one of many products overseen by a parent company that will also control Instagram, WhatsApp, Oculus, and other companies. Also, it’s said to occur at a time when Facebook is facing regulatory, legislative, and activist scrutiny.

As Zuckerberg puts it, who co-founded Facebook in 2004, the metaverse concept, the idea that users will live, work, and exercise within a virtual universe, holds the key to the social network's future.

Facebook revealed intentions to hire 10,000 individuals in the European Union to help construct the metaverse earlier this week. "The metaverse has the potential to open up new creative, social, and economic possibilities. It will be shaped by Europeans from the outset”, according to Facebook.

This would be a huge step forward for the firm in terms of the notion, which Zuckerberg has emphasized in recent months.

In September, Facebook announced a $50 million investment in the metaverse, where companies like Roblox Corp. and Epic Games, the creators of Fortnite, had a head start.

Users of the company's Oculus Quest 2 headsets can have meetings as avatar representations of themselves, according to the company's earlier test of a new virtual-reality remote work program.

"I expect people to shift from perceiving us primarily as a social media company to seeing us as a metaverse company in the coming years. The metaverse is, in many respects, the pinnacle of social technology”, remarks Zuckerberg.