Cryptocurrency: The Financial Times reported on Wednesday that Meta Platforms Inc is preparing plans to integrate virtual tokens and cryptocurrencies into its family of apps, with the goal of using such virtual tokens for rewarding creators, lending, and other financial activities.
The move, which is said to be in its early phases, comes as Meta expands its focus on services related to the metaverse, a virtual world where people communicate, work, and play. It could also provide Meta with a new revenue stream and more control over transactions across its suite of apps and services, which includes Facebook, Instagram, WhatsApp, and the Meta Quest virtual reality platform if it is adopted.
Meta’s Cryptocurrency will be called Zuck Bucks
Meta’s Cryptocurrency, internally dubbed “Zuck Bucks,” is meant for the metaverse and may not be based on blockchain. According to the article, Meta might create in-app tokens that would be centralized by the firm and could be used to compensate popular Instagram creators or reward users who make noteworthy contributions to Facebook groups.
“We have no updates to provide today,” a Meta spokeswoman told Reuters on Wednesday, adding that the business is concentrating on developing for the metaverse, which includes what payments and financial services might look like.”
Last month, Mark Zuckerberg, the CEO of Meta, stated that Instagram will add non-fungible tokens (NFTs) in the “near term.” Meta joined the Crypto Open Patent Alliance (COPA) earlier this year, a group of firms led by Block Inc’s Jack Dorsey that has promised to encourage open access to cryptocurrency technologies.
Meta Platforms Inc is preparing to add virtual tokens and cryptocurrencies to its software portfolio. It could also provide Meta with a new revenue stream and more control over transactions in its suite of apps and services if it is deployed. Meta might create in-app tokens that would be centralized by the firm and could be used to compensate popular Instagram creators or reward users who make noteworthy contributions to Facebook groups.