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.
