Facebook Pay will be Meta Pay, the metaverse’s digital wallet

Facebook Pay changes name. From now on, the payment solution is called Meta Pay. This name change heralds the conversion of the service into a true digital wallet for the meta-verse. It will be possible to store virtual clothes, artwork or even videos.

In a Facebook post, Mark Zuckerberg announced Facebook Pay name change, the group’s mobile payment solution. From now on, the service will be called Meta Pay. This change follows Facebook’s transformation into Meta at the end of last year.

As the founder of Facebook points out, the main features of the solution will not change. ” It will remain easy to shop, send money and donate to the causes you care about on Facebook, Instagram, WhatsApp, Messenger and anywhere else you pay , “Reassures Mark Zuckerberg. Note that the appellation had already appeared in 5 applications to the United States Patent and Trademark Office in May 2022.

Read also: Meta tackles harassment in the meta-verse with a new opportunity

A digital wallet to hold NFTs?

By giving up the name Facebook for Meta, the Silicon Valley giant underlines its fad: metaverset. According to Zuckerberg, Meta Pay is actually designed as the future “metaverse wallet”. Thanks to this digital wallet, Internet users browsing virtual or augmented reality will be able to manage “safe” their identity, property and means of payment.

Still under development, Meta’s wallet will retain “proof of ownership” virtual objects. Mark Zuckerberg takes the example digital clothing, artwork, videos or music. In addition, Meta recently opened a virtual clothing store designed to dress Internet users’ avatars. Several popular brands, including Prada, already offer digital clothing.

The functionalities of Meta Pay promise to be close to thema digital blockchain wallet, such as Metamask and Trust Wallet. These wallets allow you to hold cryptocurrencies and non-fungible tokens (NFT). However, the founder of Facebook is careful not to mention NFTs or blockchain in its press release.

Nevertheless, the operation of the wallet and the development of proof of ownership leave no doubt as to the intentions of the company. Clothes and virtual items that will be stored on Meta Pay are likely to be NFTs.

Moreover, it will be remembered that Meta has already shown his interest in non-fungible tokens. The California group has also started implementing NFTs on Instagram. Meta has allowed certain content creators to offer digital works for sale on Ethereum and Polygon blockchains for a few weeks. The company says NFTs will also be integrated into Facebook in the near future.

In Meta’s metavers, all objects (clothes for avatar, video, music, events …) will of course be non-fungible tokens.

In trademark applications filed with the patent office, Meta openly refers to inclusion of cryptocurrencies in Meta Pay. Mention of cryptocurrencies, blockchain and digital assets can be found in the documents, reports Josh Gerben, a lawyer specializing in trademark law, on his Twitter account. Despite the failure of the Diem project, Mark Zuckerberg seems determined to integrate cryptocurrencies into his social networks.

An interoperable solution for an open metaverse

The creator of Facebook specifies that it will be possible to transfer digital goods purchased on Meta Pay within other departments. The functionality will not be limited to Meta Group networks. Virtual goods can be used in other digital worlds.

“Ideally, you should be able to log in to any metaverse experience, and whatever you have purchased should be right there”explains Mark Zuckerberg.

All companies will therefore need to ensure that their virtual universes are compatible with each other. The billionaire is aware of the technical challenge of interoperability between the worlds of metaverse. Moreover, he assures us that there are still A long way » to go to get there.

“The easier you can act, the greater the opportunities for creators must be”argues the founder of Facebook.

To support the development of an open and interoperable metaverse, Meta has joined the Metaverse Standards Forum. It is a coalition of companies that want to define the future of the meta-verse by setting consistent and interoperable standards. Companies like Microsoft, Adobe and Epic Games are part of the initiative. This is also the case for several consortia, including the World Wide Web Consortium.



Leave a Comment