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Metaverse: Mark Zuckerberg introduces new wallet to buy digital goods

The payment method will deliver 'larger opportunities for creators'

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Mark Zuckerberg, CEO of Meta, announced on Wednesday that Facebook Pay will now be called Meta Pay. He also introduced a brand new feature - a digital wallet that will allow users to pay for digital goods.

This comes in a long list of updates that Meta is rolling out for Facebook and Instagram - all aimed at making it easier for creators to make money, as well as building features for the metaverse.

The new digital wallet, Zuckerberg explained in Facebook post, will let users secure their identities and what they own - information that will become important in a world of digital goods, where physical ownership is not possible.

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

He also explained how the new feature benefits the creator. The digital wallet will make it easier for users to access their goods across different devices. The more easily a person can use their digital goods, the more they will value them, said Zuckerberg. This in turn creates a bigger market for creators.

"We are looking forward to building this out," he concluded.

On Tuesday, the Meta CEO announced a host of updates aimed at ensuring more money reaches creators directly, including stopping revenue sharing on Facebook on Instagram until 2024.

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