Meta Is Working On A Digital Wallet For The Metaverse

The company will begin by changing ‘Facebook Pay’ to ‘Meta Pay.’

Meta CEO Mark Zuckerberg this week announced that the company is working on a digital wallet that will make it easier to spend and make money in the metaverse.

In a recent Facebook post, Zuckerberg talked about a future where all of the purchases you make in the virtual world, from clothing and music to event tickets and art, are stored in a single, easy-to-access location. In addition to managing your funds, this digital wallet would also be used to manage your identity in the metaverse.

Credit: Meta

“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,” said Zuckerberg in his post. “That is, the more places you can easily use your digital goods, the more you’ll value them, which creates a bigger market for creators.”

The first step toward this fiscally responsible future will be changing the name of Facebook Pay to Meta Pay. Other than that, the payment method will remain more or less the same. You can still shop for items, transfer money to friends, and donate to charities via Facebook, Instagram, WhatsApp, and Messenger.

“The more places you can easily use your digital goods, the more you’ll value them, which creates a bigger market for creators,” added Zuckerberg. “The more easily you can transact, the bigger the opportunity for creators should get as well. We’re looking forward to building this out.”

Credit: CNBC

Recently, Meta announced the Avatars Store, a new way for Facebook and Instagram users to purchase high-end designer clothing for their Meta Avatars. Not only that, but we’ll eventually have the ability to design and sell our own virtual clothing. While currently unavailable in VR, the company has confirmed that the store will eventually make its way to Meta Quest headsets.

As paid content continues to expand into the metaverse, the need for a secure digital wallet in which to manage our identities could become more important. For more information check out Zuckerberg’s Facebook post here.

Image Credit: Reuters

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Kyle Melnick

Kyle is a writer for VRScout also working in new media production. He's also a part-time bounty hunter.

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