The parent company of social media giant Facebook, Meta, reportedly plans to introduce a virtual currency named after CEO Mark Zuckerberg, as well as provide services to apps it owns, which may include Facebook, WhatsApp, Instagram, etc. and Messenger.
According to a report from the Financial Times on Wednesday, the move towards tokens and virtual currency is managed exploring alternative sources of income as interest in Facebook and Instagram falls off. Meta's potential virtual currency, which employees would have dubbed 'Zuck Bucks', will be targeted for use in the metaverse.
Facebook Owner Meta Targets Finance With 'Zuck Bucks' and Creator Coins https://t.co/IcK6oAM0J7
- Financial Times (@FT) April 6, 2022
The report does not allege that Meta is exploring traditional blockchain-linked cryptocurrencies, but rather centrally controlled tokens to be used within its applications, similar to in-game currency. The company is also reportedly considering creating 'social tokens' for engagement rewards, as well as 'creator coins' for influencers.
โWe are making changes to our product strategy and roadmap [...] so we can prioritize building the metaverse and what payments and financial services will look like in this digital world,โ Meta finance division head Stephane Kasriel said in January.
The integration of virtual currencies in Meta applications can come along with the exploration of non-fungible tokens in users' Facebook and Instagram profiles. The report suggested that Meta was planning to launch an NFT pilot program in May 2022.
Cointelegraph reported in January that Meta was in the early stages of potentially launching an NFT marketplace, as well as exploring methods to allow users to mint collectible tokens. David Marcus, the co-creator of the Facebook-backed Diem token, said in august that the company was "definitely looking" for ways to get into NFTs.
Related: Vale Diem: How Facebook's ambitious stablecoin project came to an end
Facebook renamed to Meta in October 2021, saying at the time that his focus was expanding beyond social media. The change followed the release of thousands of documents implying that the company was not doing what it claimed to be doing with regard to removing hate speech and posts that promoted violence from its platform. The number of Facebook users. fallen by approximately 500,000 in the fourth quarter of 2021, while at least one expert foretold Instagram's growth in monthly users could fall from 16.5% in 2021 to 3.1% in 2025.
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