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As revealed in the report, Meta may not be creating a conventional form of cryptocurrency that is usually connected to a blockchain.
Meta, the parent company of social media giant Facebook,is seeking to explore another financial approach as it reveals plans to introduce a virtual currency Zuck Bucks and in-app tokens after failed efforts towards its initial cryptocurrency launch Diem.
Virtual Currency Zuck Bucks Proposed by Meta
According to a recent report from Reuters, Meta has disclosed plans to initiate the use of virtual tokens in its family of apps which includes Facebook, Instagram, WhatsApp and the Meta Quest virtual reality platform. The virtual currency has been dubbed Zuck Bucks by Meta’s staff after CEO Mark Zuckerberg. Its utility is focused on the Metaverse, it will be used to execute various financial services on the platforms like rewarding creators and lending services.
Meta is obviously seeking to go big into the crypto space following its relentless efforts to initiate crypto products to its platform in recent years. The company is exploring several alternatives to revolutionize its financial system regardless of failed attempts.
The idea behind the initiative was triggered by Meta’s primary aim to build a virtual environment where people can exclusively connect together, interact, work and play. Moreso, the company had recently noticed plunging interest among the users of Facebook and Instagram, hence it is seeking to explore alternative sources of revenue by initiating the use of virtual tokens on the platforms.
Meta is seeking to further expand and improve the services centered around its metaverse. Stephane Kasriel, the head of Meta’s finance division had previously disclosed the team’s efforts to build a suitable financial model for the metaverse, saying:
“We’re making changes to our product strategy and road map […] so we can prioritize on building for the metaverse and on what payments and financial services will look like in this digital world.”
Meta May Build Centralized Tokens for Its Metaverse
As revealed in the report, Meta may not be creating a conventional form of cryptocurrency that is usually connected to a blockchain. There are many tendencies that it will be creating centrally controlled tokens for internal use within its apps. Tokens as such could be used to pay favorite creators on Instagram or to offer rewards to users who make meaningful contributions in groups on Facebook.
Anticipations as to what the development will look like exactly are currently on a surge as there is no certain information regarding it yet. A Spokesperson from Meta noted that the team does not have any update to share today.