Mark Zuckerberg, the CEO of Facebook, declares that the business will change its name to "Meta."

The metaverse, a virtual reality setting where users may communicate with one another virtually, will come into focus.

Over the following few years, Facebook intends to invest $10 billion on the growth of the metaverse.

The metaverse is thought to be the social media of the future and has the power to completely change how people connect and communicate online.

Facebook wants to establish an open metaverse where users may use a variety of gadgets and social networking sites to access the service.

Critics have expressed worries about data privacy as well as the possible harm that immersive technology may do to social connections and mental health.

Facebook's management of user data and its involvement in disseminating false information and hate speech have come under fire in recent years.

The corporation is hoping that the transition to the metaverse will be a new beginning for it and a means of winning back the public's trust.