Previously, Meta was exploring a plan to launch its own cryptocurrency named Libra. But this plan faded away among other big projects like the Metaverse. Meta is still looking into exploring the virtual currency and NFT world. After the company announced it will soon be launching NFTs on Instagram, it is now exploring the world of virtual currencies.
According to a report by Financial Times, Meta is planning to launch a virtual currency which is internally being addressed as ‘Zuck Bucks’ in reference to the CEO of Meta, Mark Zuckerberg. This currency is unlikely to be similar to a cryptocurrency but can be used as in-app tokens that will be controlled by the company. This currency could be shared across WhatsApp, Instagram and Facebook.
The company is aiming to re-create Zuck Bucks similar to the currency used in games like Roblox. This game has an internal currency named Robux and it has managed to build a whole business around this. Meta is trying to incorporate this technique into its platforms.
It is also planning to launch a pilot to post and share NFTs on Facebook in mid-May. Then it will subsequently move to test allowing membership of Facebook groups based on ownership of NFTs and for minting.
“We continuously consider new product innovations for people, businesses, and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like.”
Additionally, the company is looking out for “social tokens” or “reputation tokens” which can be rewarded for any meaningful contributions made in Facebook Groups. Meta is also exploring traditional financial services like small business loans.
The company told The Verge in a statement, “We continuously consider new product innovations for people, businesses, and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like.”
As of now, there are no updates to share but this only means that we have to wait and see how the company explores these projects. It is venturing into these projects maybe because Meta has to look for more revenue streams other than it has currently. The company heavily relies on targeted advertising for revenue.