Meta, previously known as Facebook, is expanding into the metaverse by launching a metaverse wallet called MetaPay. The social media tech giant is motivated to integrate NFTs on its social media platforms as a crucial step to building its metaverse.
After Mark Zuckerberg announced bringing NFTs to Facebook and Instagram with its vision to build a metaverse, Meta has been making changes on its platform with each update.
Recently, the company announced NFT testing on the U.S. server to see user interest, and the feature is still underway to be launched worldwide soon.
With incoming NFT feature updates, Meta decided to take another step by developing a metaverse wallet called MetaPay. This wallet aims to facilitate users with buying or trading digital items, establishing proof of ownership, and managing identities within the metaverse.
MetaPay is mainly a rebrand of Facebook Pay, enabling users to buy digital items on Meta’s various social media platforms without providing payment details repeatedly.
According to CEO Zukerberg, MetaPay will serve the same purpose as Facebook Pay; to increase the speed of transactions for digital collectibles, artworks, and tickets to Meta’s virtual events.
Meta aims to empower creators by enhancing user experience and bringing career opportunities. With the latest NFT update, Meta has promised not to charge any gas fee until January 1, 2024, to enable creators to make money on Facebook.
Meta sees NFTs as an integral part of expanding itself into the metaverse, and many projects are underway to make it all happen.