Meta reportedly plans to introduce a virtual currency “Zuck Bucks” to its apps to reward content creators and run other financial services like lending.
Mark Zuckerberg, founder and CEO of Meta, recently gave up on another digital currency he was working on “Diem” after regulators blocked it. After the recurring pressure from regulators, the project that was first launched in 2019 had to be sold.
According to The Verge, the Meta-backed virtual currency is unlikely to be a cryptocurrency.
“Instead, Meta is leaning towards introducing in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps such as the Robux currency in popular children’s game Roblox,” according to Financial Times.
The company is reportedly also looking into posting and sharing NFTs on Facebook. Financial Times says the company will launch the pilot test for that in May and will also test allowing membership of Facebook groups based on NFT ownership and another for minting NFTs.
Zuckerberg announced earlier this month that NFTs would soon be available on Instagram, The Verge reported. NFTs allow you to buy and sell ownership of unique digital items and keep track of who owns them using the blockchain. Zuckerberg, according to reports, has “talked about minting your avatar’s clothing as an NFT and taking it between your different places and, about NFTs and the metaverse — that he could see them as part of the digital world’s governance.”
According to The Verge, Meta spokesperson Lauren Dickson said that they have no updates currently. There hasn’t been an official announcement about the rumoured “Zuck Bucks” either.
“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,” Dickson said.
By Zintle Nkohla
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