Meta, a metaverse-based platform has announced the launch a new wallet to facilitate value interaction in the metaverse. Meta Pay, which is a rebranding of Facebook Pay will continue to fulfill the same functions as Facebook Pay in the past but will be designed as a universal method of paying for goods or services using digital identities from the metaverse.
Meta is working to solve the problem in metaverse transactions and value interactions. The launch of a digital wallet to support the economy of users in the next iteration Meta’s metaverse was announced by the company . Meta Pay is an evolution of Facebook Pay. It will still accept all payments, but it will have a greater focus on digital identity, proof of ownership, and other payment options.
Mark Zuckerberg, CEO of Meta (formerly Facebook), stated that Meta Pay would solve two problems in the metaverse. These are access to digital goods and proof ownership. He stated that this was the case:
There will be many digital items that you can create and buy in the future. These include digital clothing, video, music, experiences, and virtual events. It will be necessary to prove ownership if you plan on taking some of these items with your across services.
Standardization and portability in the Metaverse
Zuckerberg stated that everything should be accessible on a different platform with the same functions and traits, ideally. Meta Pay, a Web3 identity linking digital purchases to a single digital identity, is aiming to achieve this goal. Zuckerberg explained:
This type of interoperability will provide better experiences for users and greater opportunities for creators. This means that the more places your digital goods can be used, the more value they will have, which in turn creates a larger market for creators.
Zuckerberg also believes that universal payment methods across the entire metaverse will provide an opportunity for content creators as more people will be able to buy their content. This can only be achieved with some standardization.
Recently, the company partnered with Microsoft and Epic Games to Launch an Open Standards Group for all things metaverse. This group works towards establishing common points that will make metaverses more interoperable.