Meta Reportedly Delving Into Virtual Money Affairs with “Zuck Bucks” and Creator Coins
According to a new Financial Times report, Meta may have abandoned its Diem cryptocurrency, but the company is still looking into financial solutions. The parent firm of Facebook and Instagram is said to be working on a number of projects, including a virtual currency that staff have dubbed “Zuck Bucks.”
Zuck Bucks are “unlikely” to be a cryptocurrency, according to Meta creator, chairman, and CEO Mark Zuckerberg.
“Instead, Meta is leaning towards introducing in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps such as the Robux currency in popular children’s game Roblox,” according to the FT.
Roblox has made a sizable profit selling Robux, and Meta could aim to replicate that success on its own platforms.
Meta hasn’t completely shied away from blockchain technology, as the company is considering posting and sharing NFTs on Facebook. According to the Financial Times, the business aims to start a trial for accomplishing just that in mid-May, and Meta will test permitting “membership of Facebook groups based on NFT ownership and another for minting” NFTs soon after. In January, the Financial Times reported on some of Meta’s NFT ambitions for Facebook and Instagram, and in March, Facebook CEO Mark Zuckerberg revealed that NFTs will be coming to Instagram.
Meta is also looking into “social tokens” or “reputation tokens,” according to the Financial Times, which “could be issued as rewards for meaningful contributions in Facebook groups, for example.” Traditional financial services, such as small business loans, appear to be on the company’s radar.