How Metaverse Will Transform With The Launch Of Meta Pay

Launch Of Meta Pay

Metaverse is a 3D virtual world created by the brand Meta (previously known as Facebook). Users here can navigate the ecosystem according to their choice using a virtual reality headset. However, users can access the metaverse using other devices as well.

Now, Meta, the metaverse-based platform has announced launching a new wallet that will support value interaction in the metaverse. It is being called

Meta Pay is a rebranding of something formerly known as the Facebook Pay service. The brand will keep fulfilling the same functions as Facebook pay, with the addition of developing the feature of a universal way of payment of goods and services using digital identities in the metaverse.
Meta as a brand is trying to solve the problem of value interaction and transactions in the metaverse. The wallet will support the economy of its users in the upcoming iteration of Meta’s metaverse. The Meta Pay wallet will still support the array of payments it handles today, but with some other additions. The new focus will be on digital identity and proof of ownership.

Mark Zuckerberg, CEO of Meta has clarified that Meta Pay will solve the issues of accessibility to digital goods and proof of ownership in the metaverse. He said, “In the future, there will be all sorts of digital items one might want to buy or even create. Digital clothing, art, videos, music, experiences, virtual events, and more such things. For such transactions, it will be important to prove ownership. Especially, if the users want to take some of these items across different services.”

The “digital items” that Mark Zuckerberg has been referring to are in fact NFTs, which are the backbone of the metaverse. NFTs or non-fungible tokens are digital assets with a unique identification code, to provide “proof of ownership.” These cannot be duplicated or even replicated and are different from traditional digital items. Zuckerberg has also stated that everything that is purchased in one part of the metaverse must be available on another platform, with the same traits and functions. The company has plans to invest in Web3 technology, digital collectibles, and NFTs as a part of its long-term commitment to creators. One of the goals that Meta wants to achieve with Meta Pay is creating a sort of Web3 identity, which links the purchases of digital items to a singular digital identity. Mark Zuckerberg explained, “This kind of interoperability will deliver much better experiences for people and larger opportunities for creators.” The more places the creators will be able to use their digital products, the bigger the market becomes for them and the bigger value they will achieve.

Furthermore, the content creators will get more opportunities as more consumers will be available for purchasing their content. However, this can be achieved with a certain degree of standardization.

Meta has recently joined hands with Microsoft and other companies like Epic Games so that they can launch an open standards group for everything in the metaverse. They will work towards establishing common points so that the metaverses become more interoperable in the future.

CONCLUSION

The digital world is going to become interoperable through technologies such as Meta Pay in the future. As the CEO of Meta Mark Zuckerberg has said, proof of ownership will be of utmost importance in the metaverse, Koop360 can be a great solution for creators to design their NFT digital art. It has a convenient plug-and-play system that helps in the hassle-free creation of NFT digital art.

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KOOP360 — FIRST AI METAVERSE BOTS THE DEFINITIVE METAVERSE AI / ML EXPERIENCE ENABLING AI / ML WITH NFT ART CREATION AND GAMIFICATION