Meta announces metaverse NFT wallet and Meta Pay

Social media Meta is working on a wallet for the metaverse as the company is expanding its NFTs test and launching new features for creators on Facebook, Instagram, and WhatsApp. Meta CEO Mark Zuckerberg has also confirmed that Facebook Pay was renamed Meta Pay.,

“Ideally, you should be able to sign into any metaverse experience and everything you’ve bought should be right there. There’s a long way to get there, but this kind of interoperability will deliver much better experiences for people and larger opportunities for creators,” CEO of Meta Mark Zuckerberg said in a Facebook post.

In his words, “in the future there will be all sorts of digital items you might want to create or buy” and “proof of ownership will be important, especially if you want to take some of these items with you across different services.”

Also, Meta announced that it is expanding the ways creators can earn money on Facebook and Instagram, and is extending its commitment to not take fees on Subscriptions, Badges, Paid Online Events, and Bulletin until January 1, 2024.

According to the company’s statement, its test of digital collectibles on Instagram will now be available to more global creators and “a handful of additional countries.”

“Creators and collectors will be able to share their digital collectibles across Facebook and Instagram after we begin rolling out the feature on Facebook with select US creators at a later date. We’ll also soon start to test NFTs in Instagram Stories with SparkAR,” they added.

“As we build for the metaverse, investing in web3 technologies and digital collectibles like NFTs is a crucial part of our long-term commitment to creators,” the company said in a statement.

Mark Zuckerberg has also confirmed that the company is changing the name of Facebook Pay to Meta Pay.

Meta Pay will stay the same easy way to shop, send money, and donate to causes users care about on Facebook, Instagram, WhatsApp, Messenger, and anywhere else they could use Facebook Pay.

“But beyond the current features, we are working on something new – a wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay,” Zuckerberg said.

Meta CEO mentioned that proof of ownership will be important, especially if users want to take some of these items with them across different services.

Ideally, users should be able to sign into any Metaverse experience and everything they have bought should be right there.