Alongside Facebook’s big rebrand to Meta, Facebook Pay was rebranded to Meta Pay. CEO Mark Zuckerberg has now announced a new future for the simple payment app: its transformation into a Metaverse Wallet.
How is Meta Pay a Metaverse Wallet?
Explored on a post on Facebook, Zuckerberg claimed that Meta Pay will soon became a wallet for the Metaverse. In the post, the CEO claimed that the tool will become essential for the movement of virtual assets between worlds.
The tool aims to give digital security to Metaverse users, strong everything from their digital identity to any virtual assets they’ve been given. This includes “digital clothing, art, videos, music, experiences, virtual events”.
Zuckerberg claims that the purpose of a Metaverse Wallet is to move digital items between worlds. However, the future in which all assets are transferable between Metaverses may not just be decades away, but also impossible.
Items becoming transferrable between Meta’s various worlds isn’t anything surprising. After all, Meta’s Metaverse will be a closed system, not integrated with metaverses from other platforms (thus not making it a true, all-encompassing Metaverse like in fiction). But could that future come?
Will the Metaverse Open Standards improve this?
Mark Zuckerberg’s wish for Meta Pay assets to be transferable between multiple metaverses May end up being possible in some regard. With Meta becoming part of s 33-company coalition for Metaverse standards, there could be some compatibility in the future.
However, this all requires the coalition Metaverse Open Standards Group to work together without stepping on each other’s toes. With huge companies like Microsoft in the same group, is that feasible?
It does seem that Meta is willing to play nice as The Metaverse’s foundations get established. With Meta receiving most of the brunt for the development of Metaverses, it makes sense that they’d want to share the blame.