Metaverse

Meta Rolls Out ‘Meta Pay’ and Reveals Future Metaverse Wallet 

To protect user identity online and secure user payments.

Metaverse

Meta Rolls Out ‘Meta Pay’ and Reveals Future Metaverse Wallet 

To protect user identity online and secure user payments.

On Wednesday, Meta (formerly Facebook) announced that it would be expanding its non-fungible tokens (NFTs) test as it rolls out additional new features for creators, including the ability for users domestic and abroad to share their collectibles to both Instagram and Facebook.

In a Facebook post, founder and CEO Mark Zuckerberg announced that the platform’s native payment method, Facebook Pay, would be immediately renamed to “Meta Pay” and will remain the same in its operations.

“It’ll stay the same easy way to shop, send money, and donate to causes you care about on Facebook, Instagram, WhatsApp, Messenger, and anywhere else you could use Facebook Pay,” the post reads.

Beyond the payment processor’s current features, the CEO also revealed that Meta is currently working on a new metaverse wallet that will help protect users’ identities online, as well as help securely manage what they own and how they pay.

“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. Proof of ownership will be important, especially if you want to take some of these items with you across different services.”

While Zuckerberg says that it will be a “long way” before Meta users will be able to sign into any metaverse experience and have access to all of their digital purchases, he believes that this level of interoperability will help deliver a better, seamless experience for users and creators.

“The more easily you can transact, the bigger the opportunity for creators should get as well,” he explains.

These latest developments from Meta come as part of a major announcement by Zuckerberg on Tuesday, including free use of monetization tools until 2024, interoperable subscriptions, a native token tipping system, a creator marketplace, and NFTs that can be displayed and cross-posted.

In other news, Balenciaga, Prada, and Thom Browne have partnered with Meta on a digital fashion marketplace.

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