In an article published by the Financial Times, Meta stated that it has made preliminary preparations to integrate virtual money, tokens, and loan services into its apps in the near future.
According to the Financial Times, which cited several people with knowledge of the matter, Facebook’s financial unit, Meta Financial Technologies, has been looking into the creation of a virtual currency for the metaverse, or
“Zuck Bucks,” as it’s being referred to by company employees, for several months.
Silvergate bought what was left of the company’s ill-fated excursion into cryptocurrencies earlier this year, with the remaining portion of the Libra/Diem stablecoin project being sold to them as part of the transaction.
In particular, according to the Financial Times, one distinguishing feature of the current plans is that they do not expect the creation of a blockchain-based digital currency, but rather the creation of in-app tokens that are managed by Meta.
It is reported that development is still in its early stages and that the project may be canceled or completely redesigned.
In addition, according to the publication, Meta is considering expanding its offerings to include traditional financial services, such as small-business loans.
It is reported in the paper that initiatives to integrate NFTs into social media platforms such as Facebook and Instagram have made significant headway.
NFTs will soon be permitted on Instagram, according to a company internal document, and a test launch of NFT publication on Facebook is scheduled to begin in mid-May, with a full rollout expected in the fall.
We reached out to Meta for comment but did not receive a response soon away, according to CoinDesk
Meta To Launch New Digital Currency ‘Zuck Bucks’ As Crypto Dream Fails
The cryptocurrency company Meta is apparently intending to establish a digital currency dubbed “Zuck Bucks” — named after its founder, Mark Zuckerberg — as well as virtual tokens, coins, and other financial services in the wake of the failure of its pet cryptocurrency project.
Based on information from reliable sources, a report in The Finance Times claims that a new virtual currency for the metaverse, known as “Zuck Bucks,” is being developed by Facebook’s financial unit named “Meta Financial Technologies.”
In a report published on Wednesday, the Wall Street Journal stated that
“The company is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram — a trend that threatens its $118 bn-a-year ad-based business model.”
It is not expected that “Zuck Bucks” would be a cryptocurrency, but instead will function more like in-app tokens that will be managed by the corporation, similar to those used in gaming apps such as the “Robux” currency used by popular kids’ game platform Roblox.
Roblox has created a big industry on the sale of virtual currency known as ‘Robux,’ and Meta could look to replicate some of that success on its own social media networks.
Furthermore, Meta intends to develop “social tokens” or “reputation tokens” which might be used to reward people who make substantial contributions to Facebook groups in the future.
Read More: The Chairman Of The United States Securities And Exchange Commission Declares That ‘Most Crypto Tokens Are Securities