Why has Facebook changed its name to Meta and what is the metaverse?

Facebook has rebranded itself as Meta in an attempt to own the metaverse, a concept for a 3D version of the internet that a number of companies are working on

Why has Facebook changed its name to Meta and what is the metaverse?
Facebook has rebranded itself as Meta in an attempt to own the metaverse, a concept for a 3D version of the internet that a number of companies are working on