Facebook bets big on the Metaverse. What is it?

The future of the internet is going to be virtual and "Meta," the company known to the public as Facebook says, believing that 1 billion people will be working and playing in the immersive, three-dimensional world referred to as the "Metaverse" by the end of the decade.

"We believe the Metaverse will be the successor to the mobile internet," Facebook CEO Mark Zuckerberg said at the company's annual developer conference Thursday, where the company said it is officially changing its name to Meta.

"We'll be able to feel present like we are right there with people no matter how far apart we actually are. We'll be able to express ourselves in new joyful, completely immersive ways," he said.