Meta Developing Metaverse Wallet as Social Media Giant Doubles Down on NFTs

 

Social media giant Meta is working on a wallet for the metaverse as the company is expanding its NFTs test and launching new features for creators on Facebook and Instagram.

“Ideally, you should be able to sign into any metaverse experience and everything you’ve bought should be right there. 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,” Mark Zuckerberg, CEO of Meta, said today. He also announced that Facebook Pay was renamed Meta Pay.

According to the CEO, “in the future there will be all sorts of digital items you might want to create or buy” and “proof of ownership will be important, especially if you want to take some of these items with you across different services.”

Meta also announced that it is expanding the ways creators can earn money on Facebook and Instagram, and is extending its commitment to not take fees on Subscriptions, Badges, Paid Online Events, and Bulletin until January 1, 2024.

The company added that its test of digital collectibles on Instagram will now be available to more global creators and “a handful of additional countries.”

“Creators and collectors will be able to share their digital collectibles across Facebook and Instagram after we begin rolling out the feature on Facebook with select US creators at a later date. We’ll also soon start to test NFTs in Instagram Stories with SparkAR,” they added.

“As we build for the metaverse, investing in web3 technologies and digital collectibles like NFTs is a crucial part of our long-term commitment to creators,” the company said.
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