Meta plans virtual currency for its apps after cryptocurrency failure
Meta Platforms Inc (NASDAQ: FB) is reportedly planning to introduce in-app virtual tokens and coins, which are unlikely to be a cryptocurrency, for rewarding creators, lending, and other financial service
• In-app tokens would be similar to those used in gaming apps
• Centrally controlled virtual currency system internally dubbed “Zuck Bucks” is in early stage of discussion
Meta Platforms Inc (NASDAQ: FB) is reportedly planning to introduce in-app virtual tokens and coins, which are unlikely to be a cryptocurrency, for rewarding creators, lending, and other financial services.
The company’s financial arm, Meta Financial Technologies, has been exploring the creation of a virtual currency, internally dubbed “Zuck Bucks”, for the metaverse and may not be based on blockchain, the Financial Times reported on Wednesday, citing people familiar with the matter.
FT report said instead of creating another blockchain-based cryptocurrency, Meta is leaning toward developing in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps.
The move, which is reported to be in its early stages, comes as Meta focuses on services centered around the metaverse, a virtual environment where users can interact, work, and play.
Moreover, earlier in January, news reports were published saying that Meta-backed controversial crypto project Diem, an initiative to develop a stablecoin, is trying to sell its assets to return capital to its investors, as it was facing resistance from the US Federal Reserve.
If implemented, the new virtual token system could give Meta a new revenue channel and control over transactions in its suite of social media apps and services, including Facebook, Instagram, WhatsApp, and the Quest virtual reality platform.
The report said in-app tokens, which are in an early stage of discussion, could change or be dropped. However, its plans to integrate non-fungible tokens (NFTs) into its apps are more developed.
Last month, Mark Zuckerberg, chief executive officer of Meta, said that Instagram will introduce NFTs in the “near term.”
Picture Credit: FT
