Meta, a metaverse-based platform, has announced the launch of a new wallet aimed at supporting value exchange in the metaverse. rebranding of the former Facebook Pay service and will be developed as a universal payment method for goods and services using digital identities in the Metaverse, while continuing to fulfill the same functions that Facebook Pay fulfilled in the past.
Facebook Pay will be rebranded as Meta Pay
Meta seeks to solve the problem of transaction and value interaction in the Metaverse. The companyannouncedthe launch of a new digital wallet that will support the user economy in the next iteration of Meta’s Metaverse. The wallet, dubbed Meta Pay, will continue to support the current set of payments it currently handles, but with a new focus on digital identity and proof of ownership.
According to Meta (formerly Facebook) CEO Mark Zuckerberg, Meta Pay will be a solution to two problems in the Metaverse: accessibility to digital goods and proof of ownership. In this regard, he states.
In the future, there will be all kinds of digital items that people will want to make or buy, including digital clothing, art, video, music, experiences, and virtual events. Proof of ownership will be important, especially if you want to carry some of these items between different services.
Portability and Standardization in the Metaverse
Zuckerberg states that ideally everything purchased in one part of the Metaverse should be available on different platforms with the same features and characteristics He stated that this is the case. This is one of the goals Meta is trying to achieve with Meta Pay. It is a kind of Web3 ID that links the purchase of digital items to a single digital identity. Zuckerberg explains.
This interoperability provides a better experience for people and greater opportunities for creators. In other words, the more places where digital goods can be easily used, the more valuable they become and the larger the market for creators.
Zuckerberg further argues that a universal payment method across the metaverse would create opportunities for content creators because more consumers would be able to purchase content. However, this can only happen with some standardization.
The company has recently partnered with companies such as Microsoft and Epic Games to create an open standards group for the metaverse in general, working toward establishing common points of interoperability for the metaverse in the future.
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