Meta, a metaverse-based platform has launched a wallet that supports value interaction. Meta Pay is a new brand for the old Facebook Pay service. However, it will continue to fulfill the same functions as Facebook Pay in the past but will now be used universally to pay for goods or services with digital identities from the metaverse.
Facebook Pay rebrands as Meta Pay
Meta seeks to resolve the issue of value and transaction interactions within the metaverse. The company announced the launch of a new digital wallet that will support the economy of users in the upcoming iteration of Meta’s metaverse. The wallet, dubbed Meta Pay, will be an evolution of what’s known today as Facebook Pay, still supporting the array of payments it handles currently, but with a new focus on digital identity and proof of ownership.
Mark Zuckerberg, CEO of Meta (formerly Facebook), stated that Meta Pay is a way to solve two major problems in the metaverse. He said it will allow users to access digital goods as well as proof of ownership. He stated that this was the case:
In the future, there will be all sorts of digital items you might want to create or buy — digital clothing, art, videos, music, experiences, virtual events, and more. You will need proof of ownership, particularly if you wish to use some of the items in different ways.
Metaverse standardization and portability
Zuckerberg claimed that it would be ideal for everything purchased in one region of the metaverse to also be available on a different platform. It should have the same functionality and traits. Meta Pay is an attempt to accomplish this. It’s a Web3-based identity that links digital goods purchases to a single digital identity. Zuckerberg explained:
Interoperability can lead to better user experiences and greater opportunities for creators. That is, the more places you can easily use your digital goods, the more you’ll value them, which creates a bigger market for creators.
Zuckerberg also believes that universal payments across all metaverses will provide an opportunity to content creators as there will be more people who can purchase their content. But, standardization is required.
Recently, the company partnered with Microsoft as well as other companies like Epic Games in order to create an open standards group that will be responsible for metaverse interoperability.
Meta Pay: What is your opinion? Leave your comments below.
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