Facebook ConnectSource: Facebook

The eighth annual Facebook Connect event will finally kick off in just two hours from now. In addition to the latest on virtual and augmented reality, Facebook is also expected to detail its "metaverse" plan at this year's conference.

Facebook will likely give us a sneak peek at a new "Pro" version of its Oculus Quest headset at the event. Rumors suggest the standalone VR headset could bring improved battery life, a higher resolution screen, and a faster processor. However, the headset isn't expected to actually be available to purchase anytime soon.

Besides new Oculus hardware, Facebook is also expected to talk more about its metaverse efforts. It was reported last week that the company is planning to rebrand itself to establish a new identity as a "metaverse company."

When it announced its Q3 financial results earlier this week, the social networking giant also revealed that it will break out Facebook Reality Labs, which is its AR and VR business division, as a separate reporting segment. The Facebook Reality Labs grouping will include Facebook's augmented and virtual reality consumer hardware, software, and content.

Facebook CEO Mark Zuckerberg said during the earnings conference that the company will be investing $10 billion this year on the metaverse. The company had also announced plans to hire 10,000 people in Europe over the next five years to help build its metaverse.

As revealed earlier this year, Facebook is currently developing a VR workplace app for the Oculus Quest, dubbed Horizon Workrooms. The app aims to create a VR experience for people to collaborate and work together in.

Facebook is also creating a VR social space called Horizon Worlds. It is currently in closed beta and isn't expected to be released to the public anytime soon. The company has already announced a $10 million Creator Fund to support creators and help them build experiences on the Horizon Worlds platform.

The Facebook Connect event will kick off at 1 p.m. ET on October 28. While the event isn't going to be live-streamed on YouTube, you'll be able to watch it live on the Connect event page and Facebook Reality Labs' official page.