Earlier in the year news broke about Meta’s cryptocurrency project biting the dust due to several resistance from US regulators. After many reportedly unsuccessful meetings, Meta explored the sale of all its digital assets for the Diem project. Though the company might have given up its cryptocurrency dream, plans are in motion for its financial products, according to a new Financial Times report. Social media giant – Meta, the parent company of Facebook, Instagram and other social platforms has reportedly put in work for its virtual currency, which employees have reportedly started calling “Zuck Bucks.”
Obviously, Zuck Bucks was named after Meta’s founder/Chairman/ CEO Mark Zuckerberg, which would most “unlikely” lean towards its cryptocurrency project. “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.” Meta could try to emulate some of that success Roblox has selling Robux on its own platforms.
Although reports say, Meta hasn’t completely dissociated from the interest in blockchain products. In the near future, the company is looking into posting and sharing NFTs on Facebook. Reports say there would be a pilot launch for that in mid-May and soon after, there would be a test on allowing “membership of Facebook groups based on NFT ownership and another for minting” NFTs. The has been so much speculation going around about Meta’s plans and involvement in NFTs for Facebook and also its photo-sharing platform – Instagram. In March, Zuckerberg revealed that NFTs are coming to Instagram.
In addition to the many new digital products Meta is bringing are the “social tokens” better referred to as “reputation tokens.” Reports say this token would be the reward “for meaningful contributions in Facebook groups.” Meta is not stopping there but also considering investing in traditional financial services like small business loans.
According to Meta’s spokesperson Lauren Dickson in a statement, “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.”
So many are already excited especially Meta lovers who are excited already about the new digital products coming to the platform, we’ll all have to wait to see what Zuck Bucks or other rumoured projects pan out. Many are also interested in finding out if these new initiatives will help Meta overcome some of its recent troubles considering all the whistleblowing controversies and others in the past. But one high-profile techy, in the person of the former Twitter CEO Jack Dorsey, appears to be a big fan of some of the plans Facebook is looking to create.
Kindly download the Techbooky App on Play Store to engage with us and stay on the go with fresh news and updates.