Meta announces upcoming digital payment and NFT alternatives as it goes towards the meta-verse

Given the current volatility in the crypto markets, which has been inherently linked to the current NFT trend, it seems like a strange time for Meta to put more pressure on NFTs, and its various NFT projects across apps.

But that’s what it does, with Meta CEO Mark Zuckerberg announcing upcoming digital payment options, and Meta previewing new NFT features, along with a new guide to how NFTs work to help people enter the market.

First of all, on payments – as part of a broader confirmation of the renaming of ‘Facebook Pay’ to ‘Meta Pay’ instead, Zuckerberg has also announced that Meta is working on a new ‘metaverse wallet that will provide a more integrated way to securely manage your digital identity and purchases.

As explained by Zuckerberg:

“In the future, there will be all kinds of digital items you may want to make or buy – digital clothing, art, videos, music, experiences, virtual events and more. Proof of ownership will be important, especially if you want to take some of these items with you across different services. Ideally, you should be able to log in to any metaverse experience, and everything you have purchased should be there. It is a long way to get there, but this type of interoperability will provide much better experiences for people and greater opportunities for creators. “

This is Meta’s big, long-term vision, that users will be able to own digital items beyond a single app or space – so if you buy an outfit for your character in Fortnite, you’ll be able to wear the same outfit on Facebook. your avatar in a business meeting, theoretically speaking.

There is a long way to go to make this a reality, as Zuckerberg notes, but Meta has also recently signed up for a new “Metaverse Standards Forum” to establish interoperability standards for the metaverse area, while this new wallet will also appear to connect to other apps and tools, in addition to Meta’s apps, to facilitate such connectivity.

It will take time, and many agreements to enable such. But this is another indicator of where Meta is headed, and the possibilities for the next digital connection space.

This is also where NFTs, in theory, come in, and after launching a first test of NFT display options on Instagram last month, Meta is now looking to expand it to more creators “in a handful of more countries”, as it seeks to establish another means of facilitating digital connectivity.

“Creators and collectors will be able to share their digital collectibles on Facebook and Instagram after we start rolling out the feature on Facebook with selected American creators at a later date. We will also soon start testing NFTs in Instagram Stories with SparkAR. “

Instagram NFTs are already visible in AR, and the integration in Stories will provide a different, advanced way to display digital artwork in the app, which can help arouse more interest in the broader NFT trend.

Although the interest as mentioned decreases, with search traffic for NFTs decreasing over time.

And as more collectors are burned by carpet covers and the ongoing crypto-market crash, it looks like NFT fashion will decline significantly – but the broader view, as Meta notes, is that digital objects will see greater focus as we move towards the next scene. , perhaps not as profile pictures of boring monkeys, as such, but as variable digital objects, which can be traded and displayed in the same way as current NFTs.

Who has profit. I personally do not think that anyone will be impressed by your lousy JPEGs with poorly drawn characters in the future, but I see that the ability to buy digital items, and retain ownership of such across areas, will be of significant value in a time.

Therefore, it is worth learning about NFTs, and understanding the underlying processes, which Meta also wants to facilitate with its new NFT overview.

It is a basic explanation of the core principles of NFTs – which in some ways gets a bad name due to all the NFT brothers and the erroneous attention on scam “art” projects in this initial phase.

And then, again, it’s the market collapse that makes this a strange shock – but maybe now is the right time to learn, before NFTs become something completely different within the metaverse space.

Logically, Meta’s new NFT announcements were originally scheduled to coincide with the large-scale NFT NYC event this week, which has seen large groups of middle-aged men trudging through the city streets, taking Instagram videos of digital artwork patched over. buildings.

Despite many proclamations, this is not the future of digital connectivity, but the underlying process of NFT trading may well be a key aspect, and therefore these new announcements from Meta are important, even in the current bear cycle for the crypto space.