Meta Furthers Web 3.0 Push With Instagram NFTs and Rebranded Meta Pay Service

In Instagram Stories, Meta is experimenting with NFTs.

When it comes to Web 3.0, Meta Platforms (NASDAQ:META) is clearly not messing around. The company’s ongoing announcements of innovations like the metaverse and non-fungible token (NFT) technology, among others, more than make up for the name shift from Facebook to Meta. The corporation increased its risk this week by preparing NFTs for one of its principal social media brands. In order to match Meta’s new look, it is also redesigning its paid service.

How seriously internet corporations are treating the blockchain explosion is demonstrated by Facebook’s significant switch to Meta Platforms. With several dapps, layer-1 network Ethereum (ETH-USD) is gaining up to 500,000 active users per day and is still expanding. These dapps concentrate on social networking and other topics as well as DeFi and cryptocurrency trading. They do, however, pose a serious danger to IT corporations. In addition to being well aware of the threat that blockchain networks pose, Facebook had a strategy in place when it chose to change its name to Meta.

Since then, investors have seen a steady trickle of new Meta goods, both large and small. The Horizon Worlds metaverse is arguably the most notable. The corporation, which currently has power over two of the biggest two-dimensional platforms in the world, Instagram and Facebook, is logically moving on to the virtual world.

However, Meta isn’t abandoning these other goods. The goal of Horizon Worlds was to compete with Decentraland (MANA-USD) and other metaverses. Meta is also taking care to update its current goods at the same time.

Meta Rebrands Facebook Pay and Adds Instagram NFTs

Meta revealed intentions to continue its push into Web 3.0 earlier this week. The business is extending its involvement in Instagram testing for NFT accommodations. Investors are wondering what may come next for purchasing through Meta since it is also redesigning a payment solution.

The recently announced NFT testing for Instagram is the big news.

In particular, the Instagram stories feature will be the focus of these experiments on NFT capabilities. To add these visual experiences to the app, Meta is working with the augmented reality (AR) business Spark AR. In addition to these specifics, Meta is also disclosing strategies for bringing NFTs to Facebook.

Additionally, the business is changing Facebook Pay’s name to Meta Pay. After changing its ticker to META earlier in June, this is one of the business’s final rebranding efforts. However, the company’s pay product is only getting started with the rebrand.

Setting objectives for Meta Pay has taken up Mark Zuckerberg’s time. Users would soon be able to utilize only one wallet for all items offered by the metaverse, according to him. In a perfect world, he added, you should be able to sign into any metaverse experience and find anything you’ve purchased there. These proposals, however, are still in their very early phases of development.

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