Updated · May 20, 2022
Meta is Reportedly Exploring ‘Zuck Bucks’ Virtual Currency
Updated · Apr 07, 2022
If reports are to be believed, the digital tokens will not be built on the blockchain.
Facebook Owner Meta may be exploring the idea of virtual currency and lending services for customers on its platforms. A report by Financial Times reveals that the digital tokens could serve as a means to bolster dwindling company finances.
Employees have already dubbed the virtual currency as ‘Zuck Bucks’, a play on the name of the tech giant’s owner, Mark Zuckerberg. Meta Financial Technologies, the company’s financial arm, is handling the development of the tokens.
This may not be a regular cryptocurrency based on the blockchain. If true, it will be in stark contrast to a failed attempt at a stablecoin payments system, Diem (formerly Libra). Instead, according to people close to the project, it will take the form of in-app tokens controlled by the company. This is similar to those used on games, Roblox and Fortnite.
These tokens could serve a dual purpose. For one, they could act as drivers in Meta’s push for the metaverse. Furthermore, they could provide an extra source of income. The Big Tech company has seen its revenues dwindle significantly over the past year.
Apparently, Meta is also looking into creating “social” or “reputation” tokens. These could be rewards for meaningful or positive contributions on Facebook groups, for instance.
Influencers on the photo and video sharing platform Instagram are not left out. For this group, the company is reportedly developing “creator coins” for undisclosed uses.
Last month, Zuckerberg confirmed that non-fungible tokens (NFTs) are coming to Instagram “in the near term”. That may be as soon as May.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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