Meta introduces Metaverse wallet MetaPay and begins testing NFTs on Instagram with SparkAR

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Mark Zuckerberg has introduced the Meta’s latest digital wallet focused on the Metaverse – MetaPay, which will substitute Facebook’s current payment system Facebook Pay. 

Facebook Pay allows users to pay for services on Facebook, WhatsApp, Instagram, and Messenger without needing to leave the app. 

On Wednesday, Zuckerberg presented MetaPay as a “digital wallet for the Metaverse” through his Facebook page and confirmed that the new wallet would offer the same features as Facebook Pay. The social media giant also announced new features and tools for creator monetization within Facebook and Instagram while confirming zero fees on subscriptions, badges, and paid online events until January 2024. 

“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 said

Meta will begin testing NFTs on Instagram stories with the company’s augmented reality platform SparkAR. Moreover, the company will continue to test digital collectibles with more creators and countries worldwide. 

“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. 

Earlier this week, Meta announced the formation of a Metaverse standards body along with the industry’s leaders such as Adobe, Nvidia, Microsoft, Epic Games, and Qualcomm. Surprisingly, Apple was missing from the member’s list. The brands aim to develop Metaverse standards so that each company’s virtual world is compatible with one another. Zuckerberg has also recently revealed new Meta prototype headsets. Check the video here.

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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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