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NO MONEY

Zuckerberg reveals plans for virtual money in the metaverse and hopes you’ll be buying items that don’t really exist

MARK Zuckerberg has announced several new additions and alterations to payment systems across the Meta family of apps and future metaverse platforms.

Zuckerberg's announcement will bring few immediate changes to the experience but serves as hype for the future.

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"Metaverse" is a catch-all term for digital worlds accessible using a VR headsetCredit: YouTube
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Mark Zuckerberg's Meta has positioned itself to be a major player in the development of metaverse worldsCredit: EPA

Zuckerberg's enthusiasm for the metaverse is clear.

Under his leadership, Meta has invested $10billion in fleshing out the metaverse.

With the departure of Sherly Sandberg, Meta's focus is pivoting away from advertising on Facebook to an immersive metaverse world full of digital products for purchase.

"We're working on something new," Zuckerberg wrote in a Facebook post. "A wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay."

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"In the future there will be all sorts of digital items you might want to create or buy - digital clothing, art, videos, music, experiences, virtual events and more," his post continued.

Zuckerberg also wants users to be able to take their digital products with them across different metaverse platforms - Zuckerberg is, of course, speaking on products and platforms that don't exist yet.

The company concedes that the Meta wallet is in its infancy and there are many unknowns as to how they will pull off this challenge of technology, ethics, and appeal.

The Verge reported that Meta helped form a standards group for establishing basic metaverse protocol.

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The company also renamed Facebook Pay to Meta Pay, tying up loose ends on the company rebrand that started in October 2021.

Meta Pay functions exactly the same as Facebook Pay did and is available across Facebook, Instagram, WhatsApp, and Messenger.

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Zuckerberg may be getting over his skis by making so many metaverse announcements before much of significance is achieved.

The company just recently opened a store offering luxury clothing to metaverse avatars and gave little time to see how enthusiastic users are before announcing plans to directly impact a digital economy.

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