Meta Launches Digital Wallet for Identity and Asset Management in the Metaverse

CEO of Meta, Mark Zuckerberg, has announced the launch of Meta Pay to enable identity management and asset protection in the Metaverse.

Jun 26, 2022
by Michael
Meta Launches Digital Wallet for Identity and Asset Management in the Metaverse
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Mark Zuckerberg has announced the rebranding of Facebook Pay to Meta Pay. In his announcement, he highlighted innovation of the company through the creation of a wallet for the metaverse. The newly branded Meta Pay will perform the same function the former tool performed with the added feature of granting users the permission  to manage their identities, items and payment methods in the Metaverse. 

This is a significant step for Meta as it prepares to achieve its objective of building the quintessential digital world. The company had given clues on the digital wallet plans before the rebranding was made official.

Mark Zuckerberg commented,
 

“A digital wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay. In the future there will be all sorts of digital items you might want to create or buy -- digital clothing, art, videos, music, experiences, virtual events, and more. Proof of ownership will be important, especially if you want to take some of these items with you across different services.”

Which Blockchain will Meta’s virtual world be built on?

It cannot be ignored that the company has been working on the integration of NFTs into Instagram and Facebook.  However, Meta has not stated explicitly if it would build its metaverse using blockchain technology or not. Reports show that the company is developing a digital currency that won’t be based on the blockchain.

Zuckerberg hopes that Meta’s wallet becomes interoperable across the met averse and the development team are working on improving the wallet's features. Meanwhile, Meta has made a series of ambitious moves in recent times, ranging from its participation in the creation of the Metaverse standard group to the launch of an avatar store where digital clothes can be purchased. 

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