Meta (formerly Facebook) wants to introduce “in-app tokens that would be centrally controlled by the company”, a virtual currency which is nicknamed “Zuck Bucks”. As reported by the Financial Times, the company plans to integrate virtual currencies that users can use across its apps, such as Facebook, WhatsApp, and Instagram.
Meta may be concerned about its financial future due to Facebook’s dwindling popularity, which has prompted it to look for ways to diversify its revenue sources and better engage its users.
It’s not clear how this system will work. It’s also possible that this virtual currency won’t be linked to the blockchain, which is a good thing. As opposed to this, it is planned to function more like the in-game currencies that are now in use in a large number of mobile games. Many times, these currencies can be bought with real money. They can then be used to buy in-app perks and cosmetics, such as outfits that change the appearance of a video game character.
It could also not be the case. As it stands, the company’s currency is still in the works and may never be adopted.
Meta is also exploring the idea of creator-specific coins for Instagram influencers and tokens given to members of Facebook groups. These, FT reports, is so-called “social tokens” or “reputation tokens”, which could be issued as rewards for meaningful contributions in Facebook groups. It makes sense to say that sharing content to Facebook groups may soon be rewarded, which implies that simply being social on these platforms may soon loose its appeal.
The report also claims the company is also looking into more traditional financial services, like small business loans. In a statement to The Verge, a spokesperson said, “We continuously consider new product innovations for people, businesses, and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like.”
Meta has had bad experiences with digital currencies in the past. It tried to make a crypto stablecoin called Libra in 2019. It didn’t work because it ran into problems with the legal authorities. The Libra project, which was renamed “Diem,” was sold in January 2022. In spite of this, Meta is not completely ignoring blockchain.
Instagram CEO Mark Zuckerberg announced last month that the social media platform would add non-fungible tokens (NFTs) in the “near-term.” On Wednesday, the Financial Times said that Facebook will start a pilot program that lets people post and share NFTs on the site in May.
