The parent company of social networking giant Facebook, Meta, is reportedly planning to introduce a virtual currency named after its CEO, Mark Zuckerberg, as well as lending services for apps it owns, including Facebook, WhatsApp, Instagram and Messenger.
According to a report in the Financial Times on Wednesday, the move into tokens and virtual currency is aimed at exploring alternative sources of income as interest in Facebook and Instagram falls off. The possible virtual currency of Meta, which the employees would have baptized as “Zuck Bucks”it will be intended for use in the metaverse.
Facebook owner Meta targets finance with ‘Zuck Bucks’ and creator coins https://t.co/IcK6oAM0J7
— Financial Times (@FT) April 6, 2022
Facebook Owner Meta Targets Finance With ‘Zuck Bucks’ and Creator Coins
The report does not allege that Meta is exploring traditional blockchain-linked cryptocurrencies, but rather centrally controlled tokens to be used within its applications.similar to in-game currency. The company is also considering creating “social tokens” for engagement rewards, as well as “creator coins” for influencers.
“We are making changes to our product strategy and our roadmap […] to be able to prioritize building the metaverse and what will payments and financial services look like in this digital world,” Meta’s finance division chief Stephane Kasriel said in January.
The integration of virtual currencies in Meta applications could be accompanied by the exploration of non-fungible tokens in users’ Facebook and Instagram profiles. The report suggested that Meta was planning to launch an NFT pilot program as early as May 2022.
Cointelegraph reported in January that Meta was in the early stages of potentially launching an NFT marketplace, as well as exploring methods to allow users to mint collectible tokens.. David Marcus, co-creator of the Facebook-backed Diem token, said in August that the company was “definitely looking” for ways to get into the NFT space.
Facebook changed its name to Meta in October 2021, saying at the time that its focus was expanding beyond social media. The change came after the release of thousands of documents suggesting that the company was not doing what it claimed to be doing about removing hate speech and posts that encourage violence on its platform.. The number of Facebook users fell by about 500,000 in the fourth quarter of 2021, while at least one expert predicted that Instagram’s growth in monthly users could fall from 16.5% in 2021 to 3.1% in 2025.
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