Mark Zuckerberg announced Thursday that Facebook will be changing its name to Meta in an effort to “encompass” everything the company does. The company’s existing Facebook app will retain its name.

The announcement comes as Zuckerberg outlined his ambitions for the metaverse, which will comprise virtual reality headsets and augmented reality. The rebrand will also include Instagram, WhatsApp, Facebook proper and virtual reality brand Oculus. The reorganization is similar to what Google did in 2015 when it formed Alphabet.

Facebook has invested $10 billion into its 2021 project, double what it spends on safety and security.

“Right now, our brand is so tightly linked to one product that it can't possibly represent everything that we're doing today, let alone in the future,” Zuckerberg said. “We believe the metaverse will be the successor of the mobile internet.”

The platform would also allow users to customize their avatars and digital spaces.

“When I send my parents a video with my kids, they’re going to feel like they’re right in the moment with us, not peering through a little window,” Zuckerberg said, adding the best way to understand the metaverse is to experience it yourself. 

Facebook also plans to explore NFTs and what the tech giant can do with crypto.