After Facebook rebranded to Meta, the company has been bullish on its metaverse goals. It recently launched Meta Pay, which would replace the former digital wallet, Facebook Pay.
Mark Zuckerberg, CEO of Meta, made the announcement on his Facebook page. According to the post on his page, Meta Pay will replace the previous Facebook Pay.
Also, he stated that Meta Pay would have more functions. Users can use it to buy items on the company’s metaverse platform.
“Users can manage what they have, their identity, and how to pay for items. Meta pay will be used on our platforms like WhatsApp, Facebook, Instagram, and Messenger,” Zuckerberg added.
In addition, Zuckerberg listed several ways users can use the Meta Pay functionality. They include buying videos, art, music, virtual event ticket, and digital clothing. The Meta stated that:
“People would value their digital goods more if they can use it on different platforms. Consequently, this would create a huge market for digital creators. Also, the easier it is to make transactions, the better the ease of transfer. We are planning to make this possible on out platform.”
Meanwhile, Zuckerberg hinted that the company could introduce NFTs soon. He stated that proof of ownership and security is very important. This is important if users want to move digital items from one platform to another.
Meta Continues To Push On Metaverse Goal
Meta has become a metaverse-driven company, although it has spent large funds. The firm has spent billions of dollars on metaverse development and research.
However, Meta has much to do to be number one when the metaverse launches. The firm has already started a pilot test of its NFT integration in Hong Kong.
The company hopes to integrate NFTs into its social media platform, Instagram and Facebook. It is also working on adding VR and AR functionality to its platform.
Meta And Other Companies Agree On Interoperability Standards For The Metaverse
At the start of the week, Meta, Microsoft, and 34 companies had an agreement. They agreed on open standards which would guide their operation in the metaverse.
Also, they formed a forum called the Metaverse Standards Forum. The committee would formulate interoperable, open standards for VR, AR, 3D, and geospatial tech.
The group’s main goal is to highlight areas with inadequate interoperability. This is because such situations can hold back the metaverse industry.
Meanwhile, it is no surprise that these firms would work together to ensure the metaverse is successful. A recent report noted that the metaverse would be worth more than $600 billion by 2026.