Mark Zuckerberg Planning Virtual Currencies for Metaverse, team working on “Zuck Bucks”

Last year, Facebook rebranded itself as Meta suggesting its biggest shift into the world of Metaverse. As per the latest news, Meta Inc (NASDAQ: FB) is planning to introduce virtual coins, tokens, and lending services to its apps. 

As per the report from Financial Times, Meta chief Mark Zuckerberg is exploring alternative revenue streams to attract and retain users. The company’s financial arm – Meta Financial Technologies – is looking to introduce a virtual currency to its Metaverse. As per people familiar with the matter, Meta’s internal employees have dubbed it “Zuck Bucks” for the time being.

However, the sources said that this won’t be a blockchain-based cryptocurrency. Instead, Meta is focusing on in-app tokens which it can control centrally. This is similar to the introduction of Roblox currency by the gaming app Roblox.

Thus, Meta is also working on creating “social tokens” or “reputation tokens” as a means of rewarding Facebook users and groups for their meaningful contributions. Another plan is to have “creator coins” associated with particular influencers on its photo-sharing app Instagram. Earlier this year, Meta’s finance division Stephane Kasriel said:

“We’re making changes to our product strategy and road map . . . so we can prioritise on building for the metaverse and on what payments and financial services will look like in this digital world.”

NFT sharing Feature Coming to Facebook by Mid-May

Mark Zuckerberg has been bullish about non-fungible tokens (NFTs) and believes that they could serve as potential means of transacting digital goods and commerce in the Metaverse. Zuckerberg has also confirmed that they would add support for NFTs in the company’s Instagram app.

Now people familiar with the matter said that Meta might launch a pilot for posting and sharing NFTs on Facebook by mid-May 2022. It will later test a feature for allowing Facebook Group memberships for NFT owners as well as for minting new NFTs. Sources said that Facebook could allow monetizing NFTs via “fees and/or ads” in the future.

Well, it won’t be for the first time that Facebook is venturing into the world of virtual currencies. Back in 2019, Facebook planned for its Libra cryptocurrency, however, dropped the project after strong regulatory backlash.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.