Recently, Meta Inc (formerly Facebook) is planning to launch a payments platform that supports cryptocurrency. In a record submitted to the United States Patent and Trademark Office (USPTO), Meta filed five applications for a new platform that it calls “Meta Pay”. According to trademark attorney Josh Gerben on Twitter, the filings indicate that Meta plans to launch a payment platform called “META PAY”. It provides users to exchange old-fashioned regular money and cryptocurrencies.
on the other hand, The applications seek licences “to operate as an ” online social networking service for investors allowing financial trades and exchange of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitised assets, digital tokens, crypto tokens, and utility tokens.”
Earlier this month, Instagram said its users will now be able to showcase their blockchain art in the form of NFTs on the platform. Meta-owned Instagram will integrate with Ethereum, Polygon, Solana, and Flow blockchain networks to facilitate this. Users will have to add their crypto wallets such as Metamask. And also have to prove their NFT ownership before showcasing it on the platform.
In March, Meta Inc. CEO Mark Zuckerberg said Instagram is exploring plans to add NFTs to the platform. However, he didn’t clarify how Meta wants to implement NFT on its platforms. “Over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment,” Zuckerberg was quoted as saying by The Verge.
In January, a Financial Times report said Meta is exploring plans to allow users to create, showcase and sell NFTs on Facebook and Instagram. Notably, Instagram leader Adam Mosseri said in December last year that his social network was “actively exploring” NFTs. He said, “Nothing to announce yet but we are actively exploring NFTs and how we can make them more accessible to a broader audience.” Before that, Zuckerberg also spoke in October about how the metaverse will need to support “ownership of digital goods or NFTs.”
Moreover, A non-fungible token (NFT) is financial security consisting of digital data stored in a blockchain. That’s a form of the distributed ledger. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs typically contain references to digital files such as photos, videos, and audio. Additionally, NFTs are uniquely identifiable, they also differ from cryptocurrencies, which are fungible. The market value of an NFT is containing the digital file and its references.
