Tech

Zuckerberg reveals plans for virtual money in the metaverse, hoping you’ll buy items that don’t actually exist

MARK Zuckerberg has announced several new additions and changes to payment systems across the Meta family of apps and future Metaverse platforms.

Zuckerberg’s announcement will bring few immediate changes to the experience, but it serves as hype for the future.

"metaverse" is a collective term for digital worlds accessible with a VR headset

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“Metaverse” is a collective term for digital worlds accessible with a VR headsetPhoto credit: YouTube
Mark Zuckerberg's Meta has positioned itself as a major player in the development of Metaverse worlds

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Mark Zuckerberg’s Meta has positioned itself as a major player in the development of Metaverse worldsCredit: EPA

Zuckerberg’s enthusiasm for the Metaverse is evident.

Under his leadership, Meta has invested $10 billion in elaborating the Metaverse.

With the departure of Sherly Sandberg, Meta’s focus shifts away from advertising on Facebook to an immersive Metaverse world filled with digital products for purchase.

“We’re working on something new,” Zuckerberg wrote in a Facebook post. “A wallet for the Metaverse that lets you securely manage your identity, your belongings, and your payment methods.”

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“In the future there will be all kinds of digital items that you might want to create or buy – digital clothing, art, videos, music, experiences, virtual events and more,” his post continued.

Zuckerberg also wants users to be able to take their digital products across different Metaverse platforms — Zuckerberg, of course, is talking about products and platforms that don’t exist yet.

The company acknowledges that the meta wallet is still in its infancy and there are many unknowns as to how they will meet this challenge in terms of technology, ethics and desirability.

The Verge reported that Meta helped create a standards group to set up a basic Metaverse protocol.

The company also rebranded Facebook Pay to Meta Pay, tying up loose ends of the company’s rebranding that began in October 2021.

Meta Pay works the same as Facebook Pay and is available through Facebook, Instagram, WhatsApp and Messenger.

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Zuckerberg may be getting over his skis by making so many Metaverse announcements before much of significance is accomplished.

The company just recently launched a store offering luxury clothing for Metaverse avatars, and took little time to see how excited users are before announcing plans to directly impact a digital economy.

https://www.the-sun.com/tech/5625417/zuckerberg-reveals-virtual-money-in-the-metaverse/ Zuckerberg reveals plans for virtual money in the metaverse, hoping you’ll buy items that don’t actually exist

Chris Barrese

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