Beyonce welcomed her first child into the world late on Saturday night in an extravagant style; hiring out an entire private wing of New York City's Lenox Hill Hospital. The singer and husband Jay-Z named their baby Blue Ivy Carter.

(Photo: Reuters)Singer Beyonce waves to fans after performing "Love On Top" at the 2011 MTV Video Music Awards in Los Angeles August 28, 2011. Beyonce and husband, rapper Jay-Z, will be expecting their first child next spring.

E! News originally reported that the baby’s name was “Ivy Blur Carter,” but that has now been revealed to be inaccurate. Later the publication corrected the name to be “Blue Ivy.”

The couple’s close friend Gwyneth Paltrow tweeted: “Welcome to the world Blue! We love you already."

One Twitter user asked "@GwynethPaltrow is it ivy blue, or blue ivy? so confused."

Paltrow responded "It's Blue Ivy Carter!”

Celebrity news website, GlobalGrind, has explained the meaning behind the name. The “Blue” is supposedly in tribute to Jay-Z, whose real name is Shawn Carter. One of his most successful albums was called “The Blue Print.”

 Beyonce Welcomes a Little Girl

The word “Blue” also has four letters, which both Beyonce and Jay-Z love; they were both born on the fourth – Sept. 4 and Dec. 4 respectively. They were married April 4, 2008, and Beyonce’s latest album is called “4.” Some are also saying that the name "Ivy" refers to the Roman numerals "IV," which is also the number four.

Beyonce has said: "We all have special numbers in our lives, and 4 is that for me. It's the day I was born. My mother's birthday, and a lot of my friends' birthdays, are on the fourth; April 4 is my wedding date."

Blue was also the color used in ancient Egypt to symbolize heaven. It has a meaning of inspiration, sincerity and spirituality.

“Ivy” obviously refers to the plant, but symbolizes eternity. In ancient cultures the plant was revered for its longevity and endurance, and represented eternal life is various religions.