Meta works on a virtual currency dubbed ‘Zuck Bucks’

Meta works on a virtual currency dubbed ‘Zuck Bucks’

Meta does not want to miss the opportunity to enter the virtual currency market, despite the different legislative problems it has had to face in recent months. According Financial Timesthe company is working on a new asset dubbed “zuck bucks“, a token that could come with a very different approach than Diem (Libra), his failed stablecoin project.

The “Zuck Bucks”, in fact, would not be cryptocurrencies as such, but virtual currencies only available on the different Meta platforms. These, according to the aforementioned media, “would be controlled centrally” by the company. In this way, the user could convert their dollars, euros or any other official currency, into ‘Zuck Bucks’ (internal name that refers to Mark Zuckerberg) and buy products or services on Facebook or Instagram.

The virtual currency of Facebook, therefore, would not be very different from the V-Bucks of Fortnite. These can also be exchanged for any other official currency. They also serve to purchase products only available in the game, but not for use on other platforms. Roblox also uses a similar system with its Robux. Again, a virtual asset only available for in-game benefits.

Financial Times It has also revealed that Meta is working on “social” or “reputation” tokens. These, in particular, would be obtained as a reward every time a user makes a contribution of value in a Facebook group or page. It is not clear, yes, if they can also be used to purchase products within the company’s platforms.

Meta (Facebook) continues to focus on the metaverse and NFTs despite his issues with Diem

Francois Villeroy de Galhau – Reuters

Meanwhile, the parent company of Facebook and Instagram continues to work on other services related to the metaverse and the blockchain. Among them, the possibility of being able to sell and buy non-fungible tokens within Facebook, as well as features for users to display their assets. Instagram has also confirmed its interest in NFTs and is currently exploring how to use them within the platform.

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Meta, however, is also going through some complications in one of its most important plans: the creation of its own stablecoin called Diem, a virtual currency whose value would match that of the dollar. This project has gone through a multitude of legislative problems, which has caused many partners to stop trusting the company for the launch of the coin that was also called ‘Libra’.

Now, Mark Zuckerberg’s company seems to be looking for a way to sell the assets of this project. The objective, as he revealed Bloomberg, “return the capital to its investment partners”. Also relocate those employees who until now were working on the development of the token.