Facebook has a new name — and a new logo.

During the Facebook Connect virtual reality conference on Thursday (Oct. 28), the company announced that it has changed its name to Meta, which is based on the sci-fi term metaverse. The new moniker will describe its concept for playing and working in a virtual world.

“I’ve been thinking a lot about our identity as we begin this next chapter. Facebook is one of the most used products in the history of the world,” Mark Zuckerberg, Meta CEO, said. “It is an iconic social media brand, but increasingly it just doesn’t encompass everything that we do.

“Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started.”

According to CNBC, Meta will spend $10 billion over the next year to create technologies that are needed to develop the metaverse, including new software that allows users to hang out in space as cartoons-like versions of themselves or fictional characters. Additionally, Meta is launching Project Cambria, an expensive virtual reality headset, that will be released next year.

Meta will also build Project Nazare, its first fully AR-compatible smart glasses. Zuckerberg did not announce when the glasses would be released, but said the company is “making good progress” with producing them.

The announcement comes as the company’s reputation continues to go under public scrutiny for misinformation on its social media platforms and discoveries about the negative effects the apps can have on some users’ mental health.

The Facebook Oversight Board, a watchdog group that is centered on the corporation, is unimpressed with the name change. “Changing their name doesn’t change reality: Facebook is destroying our democracy and is the world’s leading peddler of disinformation and hate,” the group said in a statement. “Their meaningless name change should not distract from the investigation, regulation and real, independent oversight needed to hold Facebook accountable.”