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Meta continues Web 3.0 push with Instagram’s NFTs and renowned Meta Pay service


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Metaplatforms (NASDAQ:META) obviously does not play with Web 3.0. If Facebook’s renaming to Meta didn’t signal the company’s drastic change, its constant announcements of metaverse technologies and non-fungible tokens (NFTs), among others, certainly do. This week, the company continued its plunge by preparing NFTs for one of its flagship social media brands. It is also renaming its paid service to reflect the new face of Meta.

Facebook’s big pivot to meta-platforms shows how seriously tech companies are taking the blockchain boom. Layer 1 network Ethereum (ETH-USD) has nearly 500,000 daily active users, and it continues to grow its strong following alongside a variety of dapps. These dapps not only focus on DeFi and crypto exchange, but on things like music streaming and social media. Above all, however, they pose a real threat to tech companies. When Facebook decided to rebrand itself as Meta, it was not only acutely aware of the threats present on blockchain networks, but it also had a plan to get ahead of them.

In the months that followed, investors witnessed a stream of new Meta products, big and small. Perhaps the most notable is the Horizon Worlds metaverse. The virtual space is the obvious next step for the company, which already controls two of the world’s largest two-dimensional platforms, Instagram and Facebook.

However, Meta does not turn its back on these other products. Horizon Worlds is a project built from the ground up to compete with Decentralized (MANA-USD) and other metaverses. At the same time, Meta is committed to modernizing its existing products.

Meta adds NFTs to Instagram and rebrands Facebook Pay

Earlier this week, Meta announced plans to continue its push towards Web 3.0. The company is further rooting itself in NFT hosting testing on Instagram. It is also revamping a payment service, leaving investors wondering what might be next for shopping through Meta.

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

These tests will focus on NFT capabilities centered in particular on Instagram’s stories feature. Meta collaborates with an augmented reality (AR) company Spark AR to implement these visual experiences on the app. Along with these details, Meta also reveals plans to bring NFTs to Facebook.

In other news, the company is also rebranding Facebook Pay to Meta Pay. This marks one of the latest branding changes for the company after changing its symbol to META earlier in June. However, the rebranding is only the start of the company’s paid product.

Mark Zuckerberg has been busy setting goals for Meta Pay. He said that users will eventually be able to maintain a single wallet for all metaverse products. “Ideally, you should be able to log into any metaverse experience and whatever you’ve purchased should be there,” he said. For now, however, these plans are still in the very early stages of development.

As of the date of publication, Brenden Rearick has not held (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.

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