Facebook goes all-in on its ‘metaverse’ ambitions, consolidates itself, Instagram, WhatsApp and others under Meta

• Mark Zuckerberg announced a new entity for Facebook products at its AR, VR focused event.
  
• The holding company behind Facebook and other products like WhatsApp, Oculus and Instagram will be called Meta.
  
• Facebook shared its upcoming plans for the metaverse.
  

Facebook has officially announced the name for its corporate entity that owns Facebook, Instagram, WhatsApp and Oculus. Facebook chief Mark Zuckerberg, at the Facebook Connect event, announced that the holding company will be called 'Meta'.

No structural change is noted for Facebook or any other existing platform. Zuckerberg said, “to reflect who we are and what we hope to build, I am proud to announce that starting today, our company is now Meta. Our mission remains the same — it’s still about bringing people together. Our apps and our brands — they’re not changing either.”

The rebranding announcement was anticipated, so it did not come with any major surprise. The announcements were more about the company's vision and its metaverse plans which essentially aims to bring physically distant people closer and make engagement more interactive. It aims to change the way people "socialize, learn, collaborate and play". You can read this report from The Verge that explains the concept of a metaverse comprehensively.

The event outlined the company's new projects and areas of investment for future products. Some of the products include-

Horizon Home - It's a new home screen on Oculus Quest to make it more engaging and social where friends can meet up, watch videos and play games.

Virtual reality (VR) calling in Messenger - This is something big as this could be the first step towards VR calls where both parties can hang out virtually.

Project Cambria - Facebook also previewed a new consumer headset that is said to be released next year at a premium cost. It is said to feature cutting-edge optics that pass high-resolution colour video to the headset’s screens.

New augmented reality (AR) and virtual reality (VR) tools - The company is also working on a tool to power the future metaverse it has imagined. It will invite developers and creators to participate in the development and build applications for the platform.

Polar app - Facebook will be unveiling a new app, codenamed Polar, which is meant for iOS devices and will allow users to add AR filters and effects to photos directly from their compatible phones without needing to code.

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