The decision aimed at cutting costs comes months after the company announced 11,000 job cuts last November.
Co-founder, chairman and CEO of Meta Mark Zuckerberg announced the development on social media, saying the Facebook and Instagram verification process "is about increasing authenticity and security across our services".
A class-action lawsuit had accused the social media network of allowing third parties, including Cambridge Analytica, to access users' private data.
The metaverse will be the most god-like technology we have ever seen and our “medieval institutions” are already struggling to understand the elements of it.
Researchers have found that social media platforms, including Facebook, can cause or exacerbate the symptoms of depression in teenagers.
Facebook says its profits rose to over $9 billion in the last quarter, hours after a US news collective published reports saying the platform allowed hate speech to flourish internationally and knew its algorithm fuelled toxic polarisation online.
Facebook founder Mark Zuckerberg intends to announce the decision at the company's annual Connect conference next week.
The six-hour disruption at Facebook, Instagram and Whatsapp made things difficult for millions, proving how big a role the social media giant plays in our lives.
Frances Haugen, a 37-year-old data scientist from Iowa, who has worked for companies including Google and Pinterest - says in an interview that Facebook was "substantially worse" than anything she had seen before.
"Metaverse" will be a digital world where people can move between different devices and communicate in a virtual environment, says CEO Mark Zuckerberg, who's setting up a team to work on the social media product.
Instagram is exploring the launch of a version of the image-centric social network for children under 13, with parental controls.
Calls to tax wealthy people and corporations are growing as governments struggle to come up with funds to deal with the pandemic’s economic fallout.
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