Mark Zuckerberg owned Facebook Pay has been rebranded to officially become Meta Pay.
Mark Zuckerberg announced the rebranding on Wednesday, calling the change a “first step” towards Meta creating a digital wallet for its vision of the metaverse.
The company is trying to turn the product into “a wallet for the metaverse”. Meta Pay will work as a universal wallet for all the digital items users buy or create in the metaverse.
Zuckerberg outlines how the wallet will enable proof of digital ownership and how it could be used to create and buy “digital clothing, art, videos, music, experiences, virtual events, and more.”
He mentions that going further, they are working on making the wallet to be interoperable, letting the user bring their goods to “any metaverse experience.”
Meta has been working on integrating several Web3 initiatives into its currently operational social media platforms.
Meta recently introduced some new creator monetization options, including new metaverse and Web3-aligned options along with reel payment and NFTs.
Meta also launched an ‘Avatar Store’ featuring the likes of Prada, Balenciaga & Thom Browne.