According to Facebook CEO Mark Zuckerberg, the company is forming a product team to work on the "metaverse," a digital universe in which individuals may roam between different devices and converse in a virtual environment. According to the group's leader Andrew Bosworth, the team will be part of the company's virtual reality department.

"You can think about the metaverse as an embodied internet, where instead of just viewing content - you are in it," CEO Mark Zuckerberg told The Verge in an interview last week.

Facebook, the world's largest social network, has invested heavily in virtual reality and augmented reality, developing hardware such as its Oculus VR headsets and working on AR glasses and wristband technologies.

It has also bought a bevy of VR gaming studios, including BigBox VR. It has about 10,000 employees working on virtual reality, The Information reported in March.

Zuckerberg has said he thinks it makes sense to invest deeply to shape what he bets will be the next big computing platform.

"I believe the metaverse will be the successor to the mobile internet, and creating this product group is the next step in our journey to help build it," he said on his Monday Facebook post.

He told The Verge: "If we do this well, I think over the next five years or so... we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company."