Facebook Parent Meta Is Working on a Wallet for the Metaverse
What’s happening
Meta is employed on a digital wallet for the metaverse, virtual worlds where country 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 cash from its metaverse ambitions.
Meta CEO Mark Zuckerberg said Wednesday the business is working on a digital wallet for the metaverse that will grant people to manage their digital items, identity and payments.
“Ideally, you should be able to sign into any metaverse known 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 consumes 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 gave 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 concern plans to release this product, but he added this will abet 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 throughout a variety of topics, including the company’s e-commerce ambitions in the metaverse.
Zuckerberg told CNBC the concern 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 humdrum themselves.” He’s said in 2017 he wants to get 1 billion land in virtual reality. The metaverse is much broader than VR, encompassing spanking technology including augmented reality where digital objects are overlaid onto the brute world.
Meta hasn’t made a profit from its metaverse concern. In the first three months of this year, Meta’s metaverse concern Reality Labs lost $2.96 billion, Meta said in an earnings report.
