Facebook is said to be developing a virtual currency called Zuck Bucks, but not based on blockchain technology.
According to the Financial Times, Meta's financial division, Meta Financial Technologies, is developing a new virtual currency for use in the metaverse. The coin is now internally called Zuck Bucks by the group, which is said to be inspired by the name of CEO Mark Zuckerberg. However, this is not necessarily the official name.
It is expected that Zuck Bucks is not developed based on blockchain like other cryptocurrencies. Instead, it acts as an in-app token and is centrally controlled by Meta. This idea is said to be similar to the Robux coin of the famous game platform Roblox.
The source also revealed that Meta is considering the idea of creating virtual currencies in the form of "social tokens" or "reputation tokens". These tokens can be used as rewards for contributors in Facebook groups. Another idea is "creator coins", for Instagram influencers.
In addition to new cryptocurrencies, Meta is said to have met a number of partners in the traditional finance and lending sectors. The company can open a loan service with good interest rates for small businesses.
Meta does not comment or confirm these plans. In response to The Verge, a social media representative said the company is "continuously reviewing product improvements to serve users, businesses and creators". Financial services and payments are part of the company's metaverse development plan.
According to the Financial Times, the aforementioned ideas of the new Meta are in the early stages of development and may be completely abandoned. However, the plan to bring NFT to Facebook has entered new stages and is expected to be tested by the application from May. Users will be able to share the NFT on Facebook and Instagram, or will have their own perks on Facebook, as outlined below. join groups based on NFT ownership.
According to experts, Meta is looking for a new source of revenue, after their traditional revenue was affected from many sides. Meta's market capitalization fell by more than 220 billion USD after it was reported that users spend more time on TikTok than Facebook. In addition, Apple's changes to iOS also have a strong impact on advertising revenue.
Many of Meta's financial plans have also encountered obstacles. For example, the Diem cryptocurrency project earlier this year had to shut down due to failure to pilot acceptance in the US. The head of Meta's cryptocurrency project, David Marcus, has quit.
This is not the first time Facebook is planning to make virtual currency. In 2009, this social network introduced virtual currency Facebook Credits. However, the project was closed in 2013 due to high maintenance costs.
