Facebook plans to announce a rebranding and name change to focus on building the "metaverse" at its annual Connect conference on October 28th. The metaverse refers to a future version of the internet that combines digital, physical, and virtual worlds, allowing users to meet, work and share virtual spaces using technologies like virtual and augmented reality. Facebook has invested $50 million to build out the metaverse and plans to create 10,000 new jobs in Europe over the next five years focused on its development. While still in its early stages, the metaverse could fundamentally change how people interact and use technology through virtual avatars and shared virtual environments across gaming, work, social media and more.