The issue of activity and value exchanges in the metaverse is something that Meta is attempting to address. A new digital wallet that would support user economies in the future version of Meta’s metaverse was launched, according to the business. The wallet, dubbed Meta Pay, will be a development of what is presently known as Facebook Pay. It will continue to support the wide range of payments it already processes, but with a new emphasis on digital identification and evidence of ownership.

The CEO of Meta (formerly Facebook), Mark Zuckerberg, claims that Meta Pay would address two problems in the metaverse: evidence of ownership and accessibility to digital commodities. He said this about it:

“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. Proof of ownership will be important, especially if you want to take some of these items with you across different services.”

According to Zuckerberg, anything bought in one area of the metaverse should ideally be accessible on another platform with identical features. One of the objectives of Meta Pay is to create a kind of Web3 identification that connects purchases of digital goods to a single digital identity. A uniform payment system for the entire metaverse, according to Zuckerberg, will also present opportunities for content producers because it will make it easier for more people to buy their creations. But only a certain amount of standardisation will enable this.

Recently, the business established an open standards group for everything related to the metaverse in collaboration with Microsoft and other businesses like Epic Games.