Meta Is Developing a New Virtual Currency Called Zuck Bucks and Intensifies Metaverse Push

After failing to launch the ill-fated Diem/Libra stablecoin, Meta Platforms, Facebook’s parent company, is preparing to launch virtual tokens, cryptocurrencies, and lending services for its apps community. 

Meta Is Developing a New Crypto, Zuck Bucks

According to reports, Meta is developing a new cryptocurrency to be used for rewarding creators across its multiple social media platforms, its metaverse, and for lending and other financial services.

While Meta’s crypto, dubbed “Zuck Bucks,” is intended for the metaverse, people familiar with the development suggest that it may not be based on blockchain. Rather, Meta plans to issue in-app tokens centrally controlled by the company.

With declining revenue as more users switch to newer competitors like TikTok, Meta could use the Zuck Bucks to incentivize its users to keep them. 

Increased Push for the Metaverse

In March, Meta filed eight different crypto-related trademark applications with the U.S. Patent and Trademark Office.

While Meta has declined to provide updates on its metaverse and its new virtual token, Mark Zuckerberg, the CEO of Meta, said last month that Instagram will integrate non-fungible tokens (NFTs) in the “near term.”

According to an internal memo at Meta, plans are in the works to integrate NFTs into Facebook. A pilot launch is reportedly scheduled for mid-May.

On The Flipside

  • Meta’s previous experience with Diem/Libra could see the tech giant avoid crypto to gain regulatory approval.

Why You Should Care

The move marks Meta’s growing focus on the metaverse and could help the tech giant raise its revenues.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.