Mark Zuckerberg Announces Meta Pay and Lays Out Plan for “Wallet for the Metaverse”

Facebook CEO Mark Zuckerberg announced on Wednesday that Facebook Pay has officially become Meta Pay. But his message mainly focuses on “the wallet for the metaverse”.

Mark Zuckerberg announced the renaming Facebook Pay to Meta Pay and outlines both its plan on “the portfolio for the metaverse “. Meta Pay is essentially the same tool as before, but just with Meta branding. Zuckerberg says the company is working on a solution that allows users to manage their identities, items and payment methods while making their way through the digital world.

The company has already hinted at these plans. Its May announcement about the Meta Pay name change also mentioned that it was “determining what it might look like a unique wallet experience ” concerning the payments and storage of your identity and digital assets.

However, the message of Zuckerberg primarily focuses on how the company’s metaverse portfolio will enable prove digital ownership. He explains how it could be used to create and purchase “digital apparel, art, videos, music, experiences, virtual events, and more.” “.

Mark Zuckerberg envisions a wallet for the interoperable metaverse

The concept of a wallet proving that you own digital items is a lot like crypto wallets containing NFT. Zuckerberg’s comments do not mention blockchain. But the company has recently been working on integrating NFTs into Instagram and Facebook.

Still, the company hasn’t said if it plans to build its metaverse. using cryptography or if she would simply be inspired by it. Considering Meta’s history, the latter may be the better option. His attempt to create a true cryptocurrency did not end well. And she would apparently lean on a digital currency which is not based on blockchain.

Zuckerberg also claims the plan is that the Meta Wallet is interoperable. It will allow you to bring your wares into “any metaverse experience”. The Facebook CEO admitted he doesn’t know what interoperability between companies will look like. But Meta recently helped form a standardization group. The goal is to get everyone on the same page when it comes to language and technology related to the metaverse.

The wallet that Zuckerberg presents is probably far. This is true, especially if it’s supposed to be interoperable based on standards that don’t yet exist. However, that did not stop the company from sell digital items in the meantime. Moreover, it has already set up a store which sells clothes for your digital avatars.

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Mark Zuckerberg Announces Meta Pay and Lays Out Plan for “Wallet for the Metaverse”


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