Meta intends to use creator coins as a virtual money in its apps
8 April 2022
On Capitol Hill in Washington, Oct. 23, 2019, Facebook Chairman and CEO Mark Zuckerberg testifies in front of a projection of a ‘Zuck Buck’ at a House Financial Services Committee hearing probing the company’s proposal to introduce a digital currency.
Meta Platforms Inc is preparing to add virtual money and cryptocurrencies to its software portfolio. The Financial Times stated on Wednesday that the goal is to utilize virtual tokens to reward innovators as well as for lending and other financial activities.
The move, which is said to be in the early stages, comes as Meta expands its focus on services centered on the metaverse, a virtual world where people socialize, work, and play.
It could also provide Meta with a new revenue stream and more control over transactions across its suite of apps and services, which includes Facebook, Instagram, WhatsApp, and the Meta Quest virtual reality platform, if it is adopted.
According to the FT story, which cited person’s familiar with the situation, Meta’s currency, internally dubbed “Zuck Bucks,” are meant for the metaverse and may not be based on blockchain.
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According to the article, Meta might offer in-app tokens that would be centralized by the firm and could be used to compensate favorite Instagram creators or reward those who make noteworthy contributions in Facebook groups.
“We have no developments to give today,” a Meta spokeswoman said on Wednesday, adding that the business is focusing on developing for the metaverse, which “including what virtual money payments and financial services might look like.”
Last month, Mark Zuckerberg, the CEO of Meta, indicated that Instagram would include non-fungible tokens (NFTs) in the “near-term.”
Meta joined the Crypto Open Patent Alliance (COPA) earlier this year, a group of firms led by Block Inc’s Jack Dorsey that has promised to encourage open access to cryptocurrency technologies.
