Meta (Facebook) Launches Metaverse Digital Wallet and Tests NFT on Instagram

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2022-06-29 17:46:40

In a strategic move, Meta has officially launched the Meta Pay digital wallet while testing NFT on Instagram.

Meta Pay Digital Wallet

Meta (formerly Facebook) has officially renamed its Facebook Pay digital product wallet to Meta Pay and added some compatibility features for Metaverse experiences. The world’s leading technology group calls this change the “first step” to create a wallet using its own blockchain technology.

The wallet will be used for Meta’s metaverse platform, where users will be able to “securely manage their identities, stored virtual assets and options for payment methods.” It will still allow users to transact on Facebook, Instagram, WhatsApp, Messenger and other supported platforms.

Announcement from a post on the official Facebook page of Meta CEO Mark Zuckerberg

The Facebook founder emphasized the company’s plan to build and grow in the field of Metaverse. Zuc claims that people can enjoy seamless access to any metaverse and be allowed to monitor their digital assets in a virtual space where users can interact with complete freedom. whole.

For now, however, interoperability in the metaverse is a distant reality. Meta is trying to develop the full potential of metaverse technology to pave the way for projects with strong innovation. The CEO of Meta emphasized that the project is still in the finishing stage and needs a lot of work to achieve satisfactory results. He added that the wallet will provide transparency to enhance the user experience and leverage the potential of the users.

However, information about fees related to Metaverse wallet as well as the time in the project implementation plan has not been disclosed. Interoperability between Metaverses will benefit artists and creators alike. Mark Zuckerberg suggests that the diversified use of digital assets will increase their value to investors.

Metaverse is a powerful ecosystem that combines new technologies such as blockchain, AR, VR, and AI to facilitate two-way interactions between virtual environments, digital assets, and people. It acts as a web of networked innovative technologies and experiences across immersive platforms. Technology strives to open up new opportunities for social and work interactions among people where digitization and decentralization act as the main catalysts of activities.

With Metaverse, users can work, play, connect, invest and earn at the same time in a digital cluster. The social media giant has been actively involved when it comes to Metaverse technology. The change of name from Facebook to Meta is the team’s first strategic move towards its expansion in the field. The company has created a digital storefront across its social platforms including Facebook, Instagram and Messenger to help customers buy virtual outfits for their digital avatars from global brands like Balenciaga , Prada, etc.

Earlier this week, Meta also announced that it would be joining with other tech companies to create a Metaverse standards body. This group intends to build the next version of the web and develop common features for Web3 and Metaverse. Some of the companies that have joined this initiative include Adobe, Epic Games, Microsoft, Nvidia and Qualcomm

Implement NFT testing on Instagram

Metaverse is currently one of the main future strategies of Meta

The official announcement from Meta says they will begin testing NFT on Instagram Stories using the augmented reality platform Spark AR:

“Creators and collectors will be able to share their digital collections on Facebook and Instagram once we start rolling out the feature on Facebook with select US creators on a single the day after.”

Zuckerberg also confirmed that Facebook will support NFT in the future:

“We’re also bringing this feature to Facebook soon – starting with a small group of creators in the US – so everyone can post on Instagram and Facebook at the same time. We’ll also be testing NFT in Instagram soon. Stories with SparkAR.”

See more: eBay acquires NFT KnownOrigin “marketplace”

Meta is not the only company looking to integrate NFT. It follows social media competitor Twitter, which brought NFTs back to its platform as early as 2022. Twitter’s NFT support allows users to link Ethereum-based wallets to their accounts and display them. display their NFT art as a profile picture. eBay recently acquired the Ethereum-based NFT marketplace, knownOrigin, extending its foray into Web3.

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