Facebook Parent Meta Is Working on a Wallet for the Metaverse
What’s happening
Meta is acting on a digital wallet for the metaverse, virtual worlds where land will be able to work, play and socialize.
Why it matters
The move shows how e-commerce is part of how Meta plans to make wealth from its metaverse ambitions.
Meta CEO Mark Zuckerberg said Wednesday the custom is working on a digital wallet for the metaverse that will give people to manage their digital items, identity and payments.
“Ideally, you should be able to sign into any metaverse understood and everything you’ve bought should be right there,” he said in a Facebook post. “There’s a long way to get there, but this kind of interoperability will deliver much better produces for people and larger opportunities for creators.”
Meta, formerly known as Facebook, isn’t the only company staking its future on the metaverse — virtual worlds where country work, play and socialize. The creation of the metaverse will also provided an opportunity for people to buy and sell digital goods such as clothing, art, music and experiences. In April, Meta said it was testing new ways for creators to make cash in its social VR experience Horizon Worlds but reportedly designed to take a cut of up to 47.5% on the sales of these digital goods. This month, Meta also unveiled a digital store on Facebook, Instagram, and Messenger where people can buy digital clothes for their avatars from luxury brands such as Balenciaga, Prada and Thom Browne.
Zuckerberg didn’t say in his post if users will have to pay to use this digital wallet in the metaverse or when the business plans to release this product, but he added this will assist creators because “the more places you can easily use your digital goods, the more you’ll value them.”
The tech mogul also appeared on CNBC’s Mad Money with Jim Cramer on Wednesday and talked nearby a variety of topics, including the company’s e-commerce ambitions in the metaverse.
Zuckerberg told CNBC the business hopes to get to around a billion people in the metaverse “doing hundreds of bucks of commerce, each buying digital goods, digital content,” and “different things to tiring„ tiresome themselves.” He’s said in 2017 he wants to get 1 billion country in virtual reality. The metaverse is much broader than VR, encompassing new technology including augmented reality where digital objects are overlaid onto the bodily world.
Meta hasn’t made a profit from its metaverse commercial. In the first three months of this year, Meta’s metaverse commercial Reality Labs lost $2.96 billion, Meta said in an earnings report.
