Following Walmart’s move into the metaverse, Meta (formerly Facebook) has also drawn attention with its patent application related to this virtual domain.
According to the Financial Times, Meta has filed for a patent for a virtual store, which would serve as a platform for users to purchase virtual goods.
This initiative by Meta involves a number of patents associated with the metaverse. Among these is the concept of digital twins of physical products, which are endorsed by third-party brands.
Under one such patent, there is a provision for brands to participate in auctions to sponsor the display of their items within this virtual store.
This development suggests that digital advertising might soon evolve into metaverse advertising. Recall, for instance, that DoorDash co-founder and CEO Tony Xu recently joined Meta’s board of directors.
Mark Zuckerberg, acknowledging Xu’s extensive experience in navigating complex business challenges and leading a tech company, expressed enthusiasm for leveraging Xu’s insights in shaping the Metaverse.
Nick Clegg of Meta, in a discussion with the Financial Times, remarked that the metaverse’s business model would likely be centered around trade, with advertisements playing a role as well.
However, it’s important to note that a Meta spokesperson declined to comment on these patent applications, pointing out that patents don’t always translate into implemented technology in products and services.
Nonetheless, the concept of sponsored product displays seems to be in line with Meta’s historical strategies.
ABOUT META
Meta Platforms, Inc., formerly known as Facebook, Inc., is an American multinational technology conglomerate founded by Mark Zuckerberg.
It is one of the world’s most valuable companies and owns and operates several of the largest social media and messaging platforms:
- Messenger
In 2021, the company rebranded from Facebook to Meta to signal its strategic shift beyond social media. Its new focus is on building the “metaverse,” a future vision of interconnected virtual and augmented reality experiences. Through its Reality Labs division, Meta also develops hardware like the Quest VR headsets to support this goal.
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