IN SUMMARY
- Zuckerberg revealed Meta Pay in a Facebook post.
- The digital wallet will allow users to make purchases in the metaverse.
- Meta and several other companies also recently announced open standards for the metaverse.
Meta has rebranded its Facebook Pay digital wallet as Meta Pay, calling the change the "first step" toward the company creating a wallet for its version of the metaverse.
Meta CEO Mark Zuckerberg posted a post on Facebook, saying that Meta Pay would replace Facebook Pay and have additional features.
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The purse will be used for Meta's metaverse platform; users will be able to "securely manage your identity, what you own and how you pay." It will continue to allow users to transact on Facebook, Instagram, WhatsApp, Messenger and other supported platforms.
Zuckerberg lists specific ways users will be able to use Meta Pay in the metaverse. These include the purchase of art, videos, music, digital clothing, virtual event tickets and experiences.
“The more places you can easily use your digital products, the more you value them, which creates a bigger market for creators. The more easily you can transact, the greater the opportunity for creators as well. We can't wait to build this,” he said.
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There was also a hint that Meta could introduce non-fungible tokens (NFTs) in the future. "Proof of ownership is going to be important, especially if you want to take some of these items with you across different services," Zuckerberg added.
Meta Metaverse Pilot Compilation Speed
Meta is now firmly a metaverse first company, even if it is experiencing large short-term expenses. The company has poured billions into metaverse research and development, but has little to show for it so far.
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However, that could change soon, and the company is already testing some aspects of the technology with pilots in Hong Kong. The company and its executives seem to believe strongly in the potential of the technology and will work hard to be the first to act.
Meta and Microsoft agree on open standards
At the beginning of the week, Microsoft, Meta, Epic Games and 33 other companies have agreed to collaborate in open standards for the metaverse. Called the Metaverse Standards Forum, the group will work to build open and interoperable standards for 3D, geospatial and augmented and virtual reality technology.
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The main goal of the group is to discuss where the lack of interoperability is holding back the emerging metaverse industry. Not surprisingly, these tech giants want to collaborate on fundamentally interconnected technology, and the business potential itself is high, worth more than $600 billion projected by 2026.
