Meta Announces Coming of Digital Payments and NFT Options as It Moves Towards Metaverse

Meta Announces Coming of Digital Payments and NFT Options as It Moves Towards Metaverse

Given the current volatility in the crypto markets, which is intrinsically tied to the current NFT trend, it seems like a strange time for Meta to put greater pressure on various NFT projects across NFTs and their applications.

But that’s what Meta CEO Mark Zuckerberg has done with announcing upcoming digital payment options and previewing Meta’s new NFT features, as well as new guidance on how NFTs work to help people get into the market.

First, in payments – as part of broader approval of the renaming of ‘Facebook Pay’ to ‘Meta Pay’, Zuckerberg also announced that he is working on a new ‘Meta’.Metadata storage wallet that will provide a more integrated way to securely manage your digital identity and purchases.

As Zuckerberg explains:

There will be any kind of digital product you might want to create or buy in the future – digital apparel, art, videos, music, experiences, virtual events and more. Proof of ownership will be especially important if you want to take some of these items with you on different services. Ideally, you should be able to log into any metaverse experience and everything you buy should be right there. It’s a long way to get there, but this kind of interoperability will open up much better experiences for people and greater opportunities for creators.”

This is Meta’s big, long-term vision where users can hold ownership of digital items beyond a single app or domain – so if you buy an outfit for your character in Fortnite, you’ll be able to wear the same outfit. theoretically on your Facebook Avatar at a business meeting.

As Zuckerberg points out, there is a long way to go to make this a reality, but Meta has also recently signed up to set up a new ‘Metaverse Standards Forum’. Interoperability standards for the metastore space, this new wallet will seek to connect with other apps and tools beyond Meta’s apps to facilitate this type of connection.

It will take time and many agreements to achieve this. But this is just another indicator of where Meta is headed and the opportunities of the next digital connectivity space.

This is where NFTs theoretically come in, and after launching the first test of NFT display options on Instagram last month, Meta is now looking to expand on that. more creative in ‘a few additional countries’ as it tries to create another way to facilitate digital connectivity.

“Creators and collectors will be able to share their digital collections on Facebook and Instagram after launching on Facebook with select US creators at a later date. We will also soon begin testing NFTs on Instagram Stories with SparkAR.”

Instagram NFTs can already be viewed in AR, and integration into Stories will offer another advanced way to showcase digital artworks in the app, which could help bring more attention to the broader NFT trend.

As noted, this interest is waning as search traffic to NFTs declines over time.

And as more collectors are burned by the carpet hauling and ongoing crypto market crash, it looks like NFT fashion will decline significantly – but the broader view, as Meta points out, is that digital items will become more focused as we move towards the next one. scene, perhaps not as profile pictures of bored monkeys, but as volatile digital objects that can be traded and viewed with the same tools as existing NFTs.

What merit do you have? Personally, I don’t think anyone will be affected by your lousy JPEGs of poorly drawn characters in the future, but I do see that the ability to purchase digital items and retain ownership of such domains will be of significant value at some stage. .

It is therefore worth learning about NFTs and understanding the core processes Meta wants to facilitate with its new NFT overview.

This is a basic explainer of the basic principles of NFTs – in some ways it gets a bad name due to all NFT bros and the misguided interest in scam ‘art’ projects at this initial stage.

And then, again, there’s the market crash, which makes it an odd push – but perhaps now is the right time to find out before NFTs become something entirely different in the metastore space.

Logically, Meta’s new NFT announcements coincided with the large-scale NFT NYC event that took place this week, with large groups of middle-aged boys roaming the city streets and taking Instagram videos of digital artworks. buildings.

Despite many reports, this is not the future of digital connectivity, but the underlying process of NFT trading could be an important consideration so these new announcements from Meta are important even in the current bear cycle for the crypto space.

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