Meta (formerly Facebook) has been at the center of crypto and blockchain-related innovations. The story began when Facebook renamed itself, Meta, in October 2021, with a renewed focus on building the metaverse. Since then, the global Metaverse market value has reached nearly $40 billion to reach over $100 billion in 2022. The decision came at the time when the Metaverse trend picked up the pace with AR and VR making their way into blockchain gaming. According to CEO Mark Zuckerberg, Meta will bring together the company’s apps and technologies. Meta’s key focus is to enhance customer experience and improve the interaction between people and communities, while it explores expansion opportunities in the crypto space.
Indifference To Failure Of Libra
However, Libra (later the Diem Association), another very ambitious crypto project of Facebook, is likely coming to an end. As per the latest reports, the Diem Association is mulling the sale of its assets after continuous blows from the US Federal Reserve. However, temporary setbacks like the failure of Libra tend to make a little impact on Meta’s approach towards crypto. On the contrary, the social media giant has intensified its efforts to go big on crypto adoption.
Reports Of A Crypto Payment Platform By Meta
As per the latest reports, Meta has filed at least five applications under its name, and the records refer to a platform called Meta Pay. According to Coin Telegraph, the filings mention an “online social networking service for investors allowing financial trades and exchange of digital currency, virtual currency, cryptocurrency, digital assets, blockchain assets, digitized assets, digital tokens, crypto tokens, and utility tokens.” From what one could gather from the application dated May 13, Meta is in for the long term. At a time when the uncontrollable plummeting of a stablecoin like Terra has got investors worried, Meta seems to emerge as a body of confidence, making people believe in the crypto-led digital revolution.
The filing comes less than a week after Zuckerberg said the company had started testing digital collectibles on Instagram. It is clear that Meta is now targeting the NFT space, following a ‘one trend at a time’ approach. The introduction of avatar stickers on Instagram could be a stepping stone toward major NFT developments on the app. After Meta, several other major companies plan to delve deeper into the crypto space. Similar applications have been filed by other major US companies including Gatorade producer Stokely-Van Camp, Mastercard, and the New York Stock Exchange. Meta could be all set to add another realm to its operational areas, given the filings get a positive response.