Facebook Pay digital wallet has been renamed to “Meta Pay”. According to Meta, this is a “first step” towards creating a portfolio dedicated to the Metaverse.
In a Facebook post, Meta CEO Mark Zuckerberg explained that Meta Pay will replace Facebook Pay and have additional features.
The wallet is intended for the Mater Metaverse. According to the company, “You’ll be able to securely manage who you are, what you own and how you pay.” Note that users will still be able to transact on Facebook, Instagram, WhatsApp, Messenger and other compatible platforms.
Mr. Zuckerberg also gave several examples of the use of the Meta Pay crypto wallet. It can be used to purchase artwork, videos, music, digital apparel and tickets to virtual events and experiences.
“The easier you can use your digital assets, the more you value them, which creates a bigger market for creators. The easier you can transact, the more opportunities there are for creators. We look forward to building it,” he said.
Mr. Zuckerberg also hinted at the possible introduction of non-fungible tokens on the meta. “Proof of ownership will be important, especially if you want to take some of these items with you to different departments,” he added.
Meta accelerates its Metaverse projects
Lately, the meta has bet everything on the metaverse, which could lead to big losses in the short term. In fact, the company has invested billions in research and development of its virtual world, but still has nothing to present.
However, the situation may change soon as the company is already evaluating some components of its Metaverse through initial pilot tests in Hong Kong. Indeed, it seems that Meta and its leaders strongly believe in the potential of this technology and are multiplying their efforts to pioneer it.
New standards for virtual worlds
Earlier this week, Microsoft, Meta, Epic Games and 33 other companies agreed to collaborate on creating open standards for the Metaverse. Called the Metaverse Standards Forum, the group will work to develop open, interoperable standards for augmented and virtual reality, geospatial and 3D technologies.
The group’s primary goal is to assess the impact of the lack of interoperability on the emerging metaverse industry. It’s no surprise that these tech giants decide to collaborate on interconnected technologies that naturally have big commercial potential. In fact, experts estimate that the metaverse sector will be worth $600 billion by 2026.
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