Report: Meta is Working on New Virtual Currency ‘Zuck Bucks’
Meta is said to be planning to add a virtual currency called “Zuck Bucks” to its apps in order to reward content creators and run other financial services such as loans.
Mark Zuckerberg, the founder and CEO of Meta, recently abandoned a digital currency project called “Diem” after regulators halted its development. The project, which was first launched in 2019, had to be sold due to ongoing regulatory pressure.
The Verge claims that the Meta-backed virtual money will not be a cryptocurrency.
According to the Financial Times, “Meta is leaning toward adopting in-app tokens that would be centralized by the company, similar to those used in gaming apps like the Robux currency in popular children’s game Roblox.”
According to reports, the business is also considering uploading and sharing NFTs on Facebook. According to the Financial Times, the business will begin a pilot program in May to allow participation in Facebook groups based on NFT ownership, as well as another for minting NFTs.
According to The Verge, Zuckerberg said earlier this month that NFTs would be available on Instagram soon. Using the blockchain, you may buy and sell ownership of unique digital goods and keep track of who owns them via NFTs. According to sources, Zuckerberg has “talked about minting your avatar’s apparel as an NFT and carrying it between your multiple locales,” as well as “talking about NFTs and the metaverse – that he could envision them as part of the digital world’s administration.”
Lauren Dickson, a representative for Meta, told The Verge that there are presently no changes. There has also been no formal announcement regarding the rumored “Zuck Bucks.”
“We’re always thinking about new product ideas for individuals, businesses, and creators.” “As a company, we’re focusing on creating for the metaverse, which includes payments and financial services,” Dickson explained.
