Mark Zuckerberg explains how his metaverse’s money will work

Bye FacebookPay. Hello Target Pay. mark zuckerberg announced the new name of its new payment system, which it hopes will become “a wallet for the metaverse”. But what precisely does this mean? For a few months there has been talk about the entrepreneur’s interest in creating a payment system for the future of his company, which will be fully focused on the metaverseHowever, there are still doubts about how it will really be used.

Meta Pay for the metaverse

In May of this year, when it was announced that Target Pay would be the new name for this system, Meta mentioned that it was “reviewing what a single wallet experience might look like,” in the sense of making payments, while storing your identity and digital assets. Now, mark zuckerberg He took to his main network, Facebook, to talk more about this system, with which –he points out– it will be possible to acquire “digital clothing, art, videos, music, experiences, virtual events and more-”

“Today we are taking the first step so that FacebookPay become Target Pay”, affirmed the founder of Goal. “It will stay the same way to shop, send money and donate to causes you care about on Facebook, Instagram, WhatsApp, Messenger and anywhere you used to use FacebookPay. But beyond the current features, we’re working on something new: a wallet for the metaverse that lets you securely manage your identity, what you own and how you pay.”

Mark Zucerberg is ready for the next step.

Kevin Dietsch/Getty Images

“In the future there will be all kinds of digital objects that you might want to create or buy, digital clothing, art, videos, music, experiences, virtual events and more. Proof of ownership will be important, especially if you want to take these items with you across different services.”

“Ideally, you should be able to enter any experience of metaverse and everything you’ve bought should be there. There’s a long way to go, but this kind of interoperability will deliver better experiences for people and bigger opportunities for creators. In other words, the more places you can easily use your digital goods, the more you will value them, which creates a bigger market for creators. The easier it can be to transact, the greater the opportunity for creators. We are looking forward to building this.”

Although all this makes sense with the vision of mark zuckerberg, some experts have doubts. For example, the concept of a virtual “wallet” sounds quite odd. blockchainand although Meta has not mentioned this, there have been reports that it is looking to integrate the NFT’s on their social networks. Considering the bad reputation that digital goods such as NFT’s and the Bitcoinquestions are being raised as to whether this is an appropriate move or whether Zuckerberg will come up with a more reliable alternative.

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Mark Zuckerberg explains how his metaverse’s money will work