Meta is making plans to release a virtual currency for the metaverse and various tokens for its apps.
Meta Financial Technologies, the financial division of the former Facebook, is developing a virtual currency for the Horizon Worlds metaverse. The project has been dubbed “Zuck Bucks” among employees. It is reported by the Financial Times, citing its own sources.
Meta is also considering making “social tokens” for Facebook and Instagram users. It is assumed that these will be “reputation tokens” or “creator coins,” but the final functions remain unclear. The FT sources say Meta’s financial instruments will not be classic blockchain-based cryptocurrencies. Rather, they will be centralized tools fully controlled by the company.
Meta is also working on a credit service project aimed at small businesses. The project is at the planning stage, the corporation’s representatives are in talks with potential partners.
In addition, the FT announced a number of other insights:
- the pilot project on the NFT turnover on Facebook could be launched as early as mid-May;
- the company is looking for options to avoid regulatory attention to digital assets, which are now in development;
- the transition of some of its active audience to TikTok has already cost Meta more than $220 billion.
Earlier this year, it was announced that Meta was selling off all of the assets associated with the company’s other crypto project, Diem.