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Friday, June 2, 2023

Mark Zuckerberg Explains How Money of Metaverse will Work

Facebook Pay is going away. How do you do? Mark Zuckerberg revealed the new name for his new payment system, which he hopes will become “a wallet for the metaverse.” But what does this really mean? People have been talking for a few months about how the business owner wants to make a payment system for the future of his company, which will be all about the metaverse. However, no one is sure how it will really be used.

Meta Pay for the metaverse

When it was announced that the name of this system would change to Meta Pay in May of this year, Meta said that it was “reviewing what a single wallet experience could look like” in terms of making payments and keeping your identity safe. and the digital things you own. Now, Mark Zuckerberg went to his main network, Facebook, to talk more about this system, which he says lets him buy “digital clothing, art, videos, music, experiences, virtual events, and more.”

The founder of Meta said, “Today is the first step toward turning Facebook Pay into Meta Pay.” “It won’t change how you shop, send money, or give to causes you care about on Facebook, Instagram, WhatsApp, Messenger, and anywhere else you used to use Facebook Pay. But we’re also working on something new: a wallet for the metaverse that will let you safely manage who you are, what you own, and how you pay.

“In the future, you may want to make or buy all kinds of digital things, like clothing, art, videos, music, experiences, virtual events, and more. If you want to take these items with you to different services, you will need proof that you own them.

“In a perfect world, you should be able to go into any metaverse experience and find everything you’ve bought. There is still a long way to go, but this kind of interoperability will make people’s lives better and give creators more chances to make money. In other words, the more places you can easily use your digital goods, the more you will value them, which gives creators a bigger market. The more easy it is to do business, the more opportunities there are for creators. We’re excited to put this together.”

Even though Mark Zuckerberg’s vision makes sense of all of this, some experts aren’t sure about it. For example, the idea of a “virtual wallet” sounds a lot like blockchain. Meta hasn’t said anything about this, but there have been rumors that it wants to add NFTs to its social networks. People are asking if this is a good idea or if Zuckerberg will come up with a more reliable alternative. This is because digital goods like NFTs and Bitcoin have a bad reputation.

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