Mark Zuckerberg announces change of name of payment service Facebook Pay

On Wednesday, Mark Zuckerberg announced that Facebook Pay would be officially renamed Meta Pay.

The announcement was primarily focused on what the company plans to build in the future: A "wallet for Meta Pay."

Meta Pay is the same tool as before but with the Meta rebranding.

Zuckerberg stated that the company is currently working on something that will enable users to manage their identities and items as they navigate the digital world.

Zuckerberg's message focuses mostly on how the company's metaverse wallet allows digital proof of ownership.

He mentions how it can be used for creating and purchasing "digital apparels, art, videos music, virtual experiences and events."

A wallet that can prove you have digital items is akin to cryptocurrency wallets that include NFTs.

While Zuckerberg's post does not mention blockchain, the company has been working to integrate NFT into Instagram and Facebook.

The company hasn't said whether it plans to create its own cryptocurrency metaverse or if it will simply take inspiration from it.

Zuckerberg says that the Meta wallet will be interoperable and allow you to bring your merchandise to "any metaverse experience".

Zuckerberg acknowledged that he isn't sure what interoperability will look like between companies, but Meta recently helped to create standards for language and technology related to metaverses.

The wallet Zuckerberg mentioned would be difficult to reach, particularly if it is supposed to be interoperable using standards that aren't yet in place.

The company continues to sell digital products, however. Already, she has a shop that sells clothing for digital avatars.

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