Mark Zuckerberg launches Meta Pay, a crypto wallet dedicated to the metaverse – BeinCrypto International

The Facebook Pay digital wallet has just been renamed “Meta Pay”. According to Meta, this is a “first step” towards the creation of a wallet dedicated to the metaverse.

In a Facebook postMeta CEO Mark Zuckerberg explained that Meta Pay will replace Facebook Pay and have additional features.

The wallet is intended for the metaverse of Meta. According to the company, “you will be able to securely manage who you are, what you own, and how you pay.” Note, however, that users will still be able to transact on Facebook, Instagram, WhatsApp, Messenger and other compatible platforms.

Source: Facebook

Mr. Zuckerberg also gave several examples of using the Meta Pay crypto wallet. This can be used to purchase artwork, videos, music, digital apparel, and tickets to virtual events and experiences.

“The more easily you can use your digital assets, the more you value them, which creates a bigger market for creators. The easier you can transact, the wider the opportunities for creators. We look forward to building that,” he said.

Mr. Zuckerberg also hinted at a possible introduction of non-fungible tokens on 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, Meta has been betting everything on the metaverse, which could result in heavy losses in the short term. Indeed, the company has invested billions in the research and development of its virtual world, but still has nothing concrete to present.

However, the situation may soon change as the company is already evaluating some elements of its metaverse with initial pilot tests in Hong Kong. Indeed, it seems that Meta and its leaders firmly believe in the potential of this technology and are multiplying their efforts to become its precursors.

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. Baptized “Metaverse Standards Forum”, the group will work on the creation of open and interoperable standards for augmented and virtual reality, geospatial and 3D technology.

The primary objective of the group 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 a naturally interconnected technology with great commercial potential. Indeed, experts estimate that the metaverse sector will be worth $600 billion by 2026.

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Mark Zuckerberg launches Meta Pay, a crypto wallet dedicated to the metaverse – BeinCrypto International


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