Facebook parent Meta to roll out digital wallet for metaverse

Mark Zuckerberg, CEO of Meta, announced on Wednesday that the company is developing a digital wallet for the metaverse which will enable users to monitor their digital items, identities, and payments.

The Facebook founder took to the social networking platform to stress that ideally, users should be able to enter into any metaverse experience and locate everything they own in the virtual reality space, albeit, interoperability in the metaverse is still not a reality.

He also added that although a lot more work needs to be done, this level of transparency will result in significantly improved user experiences and greater production potential.

In his post, Zuckerberg did not indicate whether users would have to pay any fees to use Meta’s digital wallet in the metaverse. Moreover, he also did not mention when the firm plans to deploy it.

Zuckerberg suggested that it will benefit artists since "the more places you can easily use your digital goods, the more you'll value them."

Meta has focused on monetising metaverse by focusing on the future. They believe, that as the metaverse expands, users will be able to buy and sell digital products such as apparel, artwork, music, and experiences. 

The company stated in April that it was looking for new ways for creators to monetize Horizon Worlds, its collaborative VR experience and that it expected to keep up to 47.5 percent of the proceeds from the sale of these digital products. 

In addition, Meta established a digital store on Facebook, Instagram, and Messenger this month where customers could buy virtual apparel for their avatars from luxury designers like Balenciaga, Prada, and Thom Browne.

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