WATCH: Mark Zuckerberg Shows First Look At The Facebook Metaverse

Facebook made a huge announcement Wednesday, revealing plans to change its corporate name, stock ticker and entire business strategy.

If the new name "Meta" wasn't any indicator, founder and CEO Mark Zuckerberg confirmed the company would be pivoting from social media and going all-in on building a metaverse.

Zuckerberg gave a glimpse of what the Facebook metaverse will look like on a Facebook Connect livestream. Check it out:

Zuckerberg describes the “virtual environment” as a place users can immerse themselves in, rather than just looking at on a screen, to meet, work and play, using virtual reality headsets, augmented reality glasses, smartphone apps or other devices.

The refocus was predictable, as Facebook and Instagram face increased scrutiny, the potential of anti-trust lawsuits and government regulations in the aftermath of the Facebook Papers.

Facebook chose Coinbase as the platform to run the pilot of its new digital wallet Novi, allowing users to send and receive money abroad instantly, securely, and with no fees. The October partnership was another hint at what is to come for the company.

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