Meta, a platform based on the metaverse, has announced the release of a new wallet that will make it easier to trade money in the metaverse. Meta Pay is a rebranded version of the old Facebook Pay service. It will still do the same things that Facebook Pay did, but it will be made to be a global way to pay for goods and services in the metaverse using digital identities.
Facebook Pay is replaced by Meta Pay
Meta is trying to figure out how to deal with value and transactions in the metaverse. In the next version of Meta’s metaverse, the company said it would create a new digital wallet to help users’ economies. The wallet, which will be called Meta Pay, will be an updated version of what is now called Facebook Pay. It will still be able to process a variety of payments, but it will put more emphasis on digital identification and proof of ownership.
Mark Zuckerberg, the CEO of Meta (which used to be Facebook), says that Meta Pay will solve two problems in the metaverse: getting access to digital goods and showing proof of ownership. He said this about this:
In the future, you will be able to make or buy digital clothes, art, movies, music, experiences, virtual events, and more. You will need proof of ownership, especially if you want to move any of these products between different providers.
The Metaverse is moving toward standardization and portability.
Zuckerberg said that anything bought in one part of the metaverse should, in an ideal world, be available on another platform with the same features and functions. With Meta Pay, this is one of the goals: a Web3 identity that links all digital purchases to a single digital identity. Zuckerberg explained:
This kind of connectivity will give users a much better experience and give producers more ways to make money. In other words, the more places you can easily use your digital items, the more valuable they will be, giving producers a bigger market to sell to.
Also, Zuckerberg thinks that a payment system that works the same everywhere in the metaverse would give content creators a chance, since more people will be able to buy their work. But this can only be done if everyone is the same.
Recently, the company joined forces with Microsoft and other companies, like Epic Games, to start an open standards group for all things metaverse. The goal of this group is to define common points that will make future metaverses work better with each other.
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