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Meta Pay: Is Digital Assets Payment the Next Thing for Facebook’s Meta?

After 17 years of being known as Facebook, the tech giant renamed itself last year. The corporate entity of Facebook changed its name to Meta. This change reflected their goal of becoming one of the most influential players in the metaverse. This relatively young industry is experiencing massive growth and holds a great deal of untapped potential. The company executives chose to do this to appeal to the young internet users. Facebook creator Mark Zuckerberg stated that the company would now focus on the metaverse and not the Facebook platform.

Facebook’s Entry Into The Metaverse

Following its rebranding and name change, Meta has taken several steps to promote its new products. As part of its strategy, the company is exploring new possible income streams and features that could potentially boost the number of users on its major social media platforms. It also plans to reverse the trend of falling user numbers. Meta opened a physical store this month. This store showcases its items for the metaverse to its customers. Additionally, CEO Mark Zuckerberg announced the intentions of the company to enter the rapidly expanding NFT market. Digital collectibles are now undergoing testing on their social media platforms.

Introduction of Meta Pay

Virtual coins, tokens, and lending services are all parts of Meta’s plan in the digital space. In a recent blog post, Meta’s head of Fintech, Stephane Kasriel, discussed the firm’s approach to payments and financial services in the metaverse. As a result, the company’s payment platform, Facebook Pay, will be rebranded as Meta Pay. The company has yet to reveal many features. It might include a single wallet for storing digital assets, identity verification, and providing access to the metaverse.

The corporation is also working on developing its very own digital money. It will be known as Zuck Bucks. This digital money will not be your typical cryptocurrency based on blockchain technology. It will be a virtual currency that can be used on its platforms. These Zuck Bucks will exist alongside its “social tokens” and “reputation tokens.” The move is indicative of the company’s aspirations for digital money following the failure of its Diem stablecoin project.

Stephane Kasriel’s blog article states that Meta is incredibly optimistic about Web3 concepts. Some of Meta’s activities focus on the metaverse and digital payments. Meanwhile, its other actions aim to use blockchain technology to increase decentralization throughout its platforms. The metaverse and blockchain technology concepts may be able to fix Meta’s recent decline in interest in its social media platforms. A stronghold in the metaverse and digital space will also be a profitable venture. Nevertheless, any centralized payments system introduced by the company is unlikely to generate interest from the crypto and blockchain industries.

Source: cryptoknowmics.com

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