Meta intends to use creator coins as virtual money in its apps.
The Financial Times reported on Wednesday that Meta Platforms Inc is preparing plans to integrate virtual tokens and cryptocurrencies into its family of applications, 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 may also provide Meta with a new income stream and more control over transactions across its suite of applications and services, which includes Facebook, Instagram, WhatsApp, and the Meta Quest virtual reality platform if it is adopted.
It will be called “Zuck Bucks”.
According to the FT story, which cited persons familiar with the situation, Meta’s currency, internally called “Zuck Bucks,” is meant for the metaverse and may not be based on blockchain. According to the article, Meta might offer in-app tokens that would be centralized by the firm and could be used to compensate popular Instagram producers or reward those who make noteworthy contributions to Facebook groups.
“We have no updates to share today,” a Meta spokesperson told Reuters on Wednesday, adding that the company is focused on building for the metaverse “and that 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 technology.