Facebook CEO Mark Zuckerberg announced on Thursday that the company's new name will be "meta".

The re-branding comes in efforts to transition the company from just providing social media services to virtual experiences.

The website meta.com now shows Facebook app, Messenger, Instagram, Whatsapp, Oculus, Workplace, Portal, and Novi, under the 'What We Build' section.

Mr. Zuckerberg explained that the name change was an attempt to capture everything the company did because the name facebook did not fully reflect what the company was doing. He went on to point out existing separate apps such as Instagram and its Oculus virtual reality platform as examples of why the company needed a name change.

"Over time, I hope that we're seen as a metaverse company," he said. "And I want to anchor identity on what we're building towards."

He also pointed out that the Facebook app would keep its name and Meta will refer only to the parent company; which also owns other apps such as WhatsApp and Instagram.

During the 90 minute presentation, Zuckerberg argued that the metaverse will be the future of both his company and the internet.

He showed how through the use of virtual reality goggles and smart glasses, users will be able to add virtual objects to the real world. They could hang out with friends as well as appear in real meetings as holograms, he suggested.

Zuckerberg did not more give details on when the company would start working on the Metaverse; acknowledging that the technology was still in the works.

Is the move a diversion from the Company's woes?

Critics have however accused the company of trying to shift focus away from its ongoing controversies through the name change.

Just a fortnight ago former Facebook employee turned whistleblower; Frances Haugen testified before a Senate subcommittee where she accused the company of prioritising growth over safety.

The company has also been rocked by past controversies such as its role in Russian attempts to influence the 2016 election and the social network's lax handling of user data in the Cambridge Analytica case.