As Meta continues to build and expand on the notion of the Metaverse through its resources and technology, the firm hopes to give virtual money to consumers on its social networking sites. According to rumors, the corporation intends to integrate virtual currency, tokens, and loan services within its programs such as Facebook and Instagram.
Meta Financial Technology, Meta’s financial arm, is preparing to introduce a virtual currency for the Metaverse. The virtual currency, termed “Zuck Bucks” internally, wouldn’t be a cryptocurrency, so there is no direct relation between Zuck Bucks & Crypto. It will instead be an in-app money, similar to the virtual currencies seen in online games such as Fortnite, Roblox, and Valorant. Meta’s “Zuck Bucks’ price is around $0.00000998, as of now.
Staff have labeled these meta bucks “Zuck bucks” targeting users of Instagram and Facebook as part of a package of goods meant to minimize his platforms’ reliance on advertisement in the coming Metaverse.
The attempts, sponsored by Facebook’s financial branch, Meta Financial Technologies, follow the company’s ill-fated attempt to establish a worldwide cryptocurrency, called Libra and subsequently Diem, which was dropped earlier this year because of difficulties with US authorities.
Official memoranda and sources indicate that Meta may provide “social tokens” or “reputation tokens” to users. These are said to be prizes for people who make considerable contributions to Facebook groups. The business is also working on “creator coins,” which might be linked in with its popular photo-sharing site Instagram in the future.
This was not Facebook’s first attempt to enter the realm of virtual money. It introduced Facebook Credits in 2009 to permit in-app purchases in popular games like Zynga’s FarmVille. While it was successful, it was closed four years later due to Facebook’s worldwide development, which necessitated costly currency adjustments.
Aside from this, the article indicates that Meta intends to introduce more traditional finance options to assist small firms on its platforms. According to a person familiar with the topic, this might include low-interest business financing services for developing entrepreneurs in the technological economy, since the company has previously discussed its intentions with possible lending partners.
Author: To The Verge Team
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