(Reuters) – Shares in Meta Platforms Inc rose modestly on Friday morning, as Facebook (NASDAQ: ) rebranded its company to develop the “metaverse,” a shared virtual world.

Mark Zuckerberg, chief executive officer, said that Thursday’s new name is reflective of the company’s investments in the metaverse and not its original social media site, Facebook, which will still be known as such.

Following criticism from regulators and lawmakers about the company’s market power, algorithmic choices, and the enforcement of abusive use of its service, the rebranding follows.

The metaverse platform is expected to provide a more enjoyable experience to consumers who use augmented or virtual reality technology, from creating video games to wearing smart-eyeglasses.

Doug Anmuth, a J.P. Morgan analyst, said that while the platform is being used by game developers, it has potential to be adopted by other sectors such as virtual fitness and education.

Anmuth stated that the company’s current strategy with FB Family is similar to Anmuth’s. He said, “We believe the company will charge minimum fees over time in order to maximize the creator economic.”

Premarket trading saw Meta Platforms rise 1% to $319.95, after having gained as high as 4.3% Thursday.

In pre-market trades on Friday, shares of Meta Materials rose 4.6%, to $4.77. As of the current share price, the Canadian company’s value is approximately $1.33 trillion.