Taking a cue from what Kanye West did earlier this week, Facebook is planning to rename itself. The Verge reported on Tuesday that the social media giant will be changing its name in order to reflect its increasing focus on the metaverse.

Citing a source with direct knowledge of the matter, the name change will be announced next week, according to The Verge.

Of late, Facebook has been coming under fire from all over the globe for its business practices. Rebranding themselves with a new name might shake things up a bit. Also, Facebook wants to be known for other things besides social media.

Mark Zuckerberg, Facebook CEO, is expected to announce the name change next week during the company's Connect event although it may be announced sooner. Zuckerberg has been speaking of the metaverse a lot lately, so the name change may reflect a new direction.

Confused about what the metaverse actually is? "Metaverse" generally refers to shared virtual world environments that people can access through the internet. It can be loosely defined as a "digital reality", a merging of the physical world with virtual and augmented reality, cryptocurrency, and online gaming.

Facebook wouldn't be the first social media company to rebrand itself under a new name. Back in 2016, social media company Snapchat, reflecting its new direction into hardware, rebranded itself as Snap.

As for what Facebook's new name will be? We'll have to wait and see. For much more on the story, visit The Verge's website here.

50 Famous Brands That No Longer Exist

CHECK IT OUT: See the 100 most popular brands in America

KEEP LOOKING: See what 50 company logos looked like then and now

LOOK: Things from the year you were born that don't exist anymore

The iconic (and at times silly) toys, technologies, and electronics have been usurped since their grand entrance, either by advances in technology or breakthroughs in common sense. See how many things on this list trigger childhood memories—and which ones were here and gone so fast you missed them entirely.