Meta Launches Digital Wallet for Payments in the Metaverse

Meta, which runs the social networking site Facebook, plans to foray into the Metaverse and Web3 segments. In this episode, the company has launched its wallet service, which can be used as payment through Metaverse as well as in other segments. Many types of digital goods can be purchased from this wallet service called Meta Pay.

Meta head Mark Zuckerberg has given information about this in a Facebook post. “We have launched a wallet for Metaverse that allows you to make payments in a secure manner,” he added. He added that Proof of Ownership will become more important in Web3 as creators work on digital clothing, art and video for a realistic-looking Metaverse experience. This may require making something purchased in one part of the Metaverse available on another platform with similar functions and features. Blockchain-based Web 3 is being touted as the next era of the Internet. Cryptocurrencies and NFTs may have a major stake in this.

The post further added, “There is a long way to go to reach this position but this type of interoperability will lead to better experiences for people and more opportunities for creators. As the use of digital goods increases, their value will also increase and this will lead to more opportunities for them.” There will be a huge market for creators.”

Meta is set to begin testing the display of non-fungible tokens (NFTs) on Instagram Stories using its augmented reality platform AR. After initial testing of NFT display options on Instagram last month, Meta is now expanding the scope of testing. It also plans to bring the NFT display to Facebook. Networks that provide support for this service include Ethereum and Polygon. Zuckerberg had informed about the integration of NFT on Instagram a few months back. He told in a video last month that the team at Meta has begun work on the integration of digital collectibles into its Metaverse and Reality Labs plans. This will also include apps from Meta.

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