Meta reportedly working on a virtual currency for its range of products


A recent Financial Times report suggests that Meta might be looking into adding virtual tokens and cryptocurrencies to its range of apps and products in a bid to attract more users and reward creators.

The move, which is still in its early ‘planning phase’ comes as a result of Meta’s broader goal of popularizing the metaverse, with Meta employees nicknaming the virtual currency “Zuck Bucks” (Zuckerberg Bucks).

Early details of the move suggest that Meta-owned apps and platforms like WhatsApp, Facebook, Instagram and the Meta Quest virtual reality platform would use the virtual token integration for in-app payments, sending money to friends and family, tipping your favourite creators like on Twitter and as an in-app or in-game currency in Quest titles.

According to the Financial Times, the token/currency won’t be based on the blockchain, and instead, will be owned by Meta.  “We have no updates to share today,” Said a Meta spokesperson in a statement given to the Financial Times. “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.”

It’s worth noting that ‘Zuck Bucks’ are still in their early life where they’re nothing more than an idea. At least that’s what the report suggests. Meta might scrap plans for the virtual currency, but considering how adamant ‘Zuck’ is about pushing the metaverse down everyone’s throat, I would expect the virtual currency to be a reality sooner than later.

This comes soon after Zuckerberg announced that NFTs will arrive on Instagram ‘in the near term.’

Source: The Financial Times





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