Meta-brand filing shows plans for crypto payment platform
Meta Inc (formerly Facebook) plans to launch a payment platform supporting cryptocurrency. In a filing submitted to the United States Patent and Trademark Office (USPTO), Meta filed five applications for a new platform 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” for users to exchange regular money and old-school cryptocurrencies. .
The apps seek licenses “to operate as an” online social networking service for investors enabling financial transactions and exchange of digital currency, virtual currency, cryptocurrency, digital assets and blockchain, d digitized 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 non-fungible tokens (NFT) on the platform. Instagram, owned by Meta, will integrate with the Ethereum, Polygon, Solana, and Flow blockchain networks to facilitate this. Users will need to add their crypto wallets such as Metamask and prove their NFT ownership before submitting it on the platform.
In March, Meta Inc. CEO Mark Zuckerberg said Instagram plans to add NFTs to the platform. “We are working on bringing NFTs to Instagram in the short term,” Zuckerberg said during remarks at a Southwest session, Engadget reported.
However, he did not specify how Meta wants to implement NFT on its platforms. “Over the next few months the ability to integrate some of your NFTs, hopefully over time you can build things in that environment,” Zuckerberg said, as quoted 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 frontman Adam Mosseri said in December last year that his social network was “actively exploring” NFTs. In an Instagram Q&A posted to his stories, Mosseri answered a question about his thoughts on integrating NFTs into Instagram.
He said, “Nothing to announce at this time, but we are actively exploring NFTs and how we can make them more accessible to a wider audience.” Before that, Zuckerberg also spoke in October about how the metaverse will have to support the “ownership of digital assets or NFT”.