Facebook Parent Meta May Launch Digital Currency ‘Zuck Bucks’ Soon
As Meta continues to develop and expand the concept of metaverse with its resources and technologies, the company wants to offer virtual currency to users on its social media platforms. According to reports, the company plans to introduce virtual coins, tokens and lending services in its apps such as Facebook and Instagram. Let’s dig into the details to learn more about the financing plans of Meta and Zuck Bucks.
A report speak FinancialTimesciting sources familiar with the matter, suggests that Meta’s financial wing, Meta Financial Technology, plans to launch a virtual currency for the metaverse. virtual currency, known internally as “Zuck Bucks”, will not be a cryptocurrency. Instead, it will be an in-app currency, much like the virtual currencies found in online games like Fortnite, Roblox, and Valorant.
For those unaware, Meta announced plans to launch its own cryptocurrency as part of its Libra project in 2019. However, after a ton of criticism and scrutiny from political leaders, the company permanently abandoned its cryptocurrency efforts earlier this year.
However, citing the dwindling daily user base on Facebook, Meta now wants to attract more users and content creators to its social media platforms, and therefore, it is coming up with new ways to do so. Thus, the introduction of a virtual currency will not be a surprising decision on the part of the company.
According to notes and official sources, Meta may launch “social tokens” or “reputation tokens” for users. These would be meant to be rewards for users who make outstanding contributions to Facebook groups. The company is also working on something called “designer coins,” and they might be integrated with its popular Instagram photo-sharing platform in the future.
Apart from these, the report suggests that Meta also plans to launch more traditional finance services to help small businesses on its platforms. This could include low interest business loan services for growing entrepreneurs in the digital space as the company previously discussed its plans with potential loan partners, according to a source familiar with the matter.
Now, it’s worth mentioning that Meta’s plans for “Zuck Bucks” or a virtual currency for its platform are currently in the very early stages of development and discussions. Therefore, some of these plans may also be discontinued in the future. So stay tuned for more updates on Meta’s virtual currency plans and let us know your thoughts in the comments below.