According to the Financial Times, the Meta company (recognized as extremist and banned in the Russian Federation) is exploring the possibility of creating a virtual currency Zuck Bucks.
Zuck Bucks, named after Meta founder, chairman and CEO Mark Zuckerberg, will not be a familiar cryptocurrency. Instead, Meta is leaning towards embedding tokens in applications that will be centrally controlled by the company. Draw analogies of tokens that are used in gaming applications, such as the Robux currency in the popular children’s game Roblox. Roblox has built a huge business selling Robux and Meta may try to replicate that success on their own platforms.
Meta has not completely distanced itself from blockchain products as the company is also considering publishing and sharing NFTs on Facebook. The source says the company plans to launch a pilot project in mid-May, according to a memo, and shortly thereafter, Meta will conduct a test allowing “Facebook group memberships based on NFT ownership and another for minting” NFTs. The Financial Times previously reported on some of the Meta’s NFT plans for Facebook and Instagram in January, and Zuckerberg announced in March that NFTs would be coming to Instagram.
In addition, Meta is exploring “social tokens” or “reputation tokens” that “could be issued as a reward, for example, for meaningful contributions to Facebook groups,” according to the FT. The company also appears to be exploring traditional financial services such as small business loans.
Among the big fans of Facebook’s plans is former Twitter CEO Jack Dorsey, who backs the plans.
Source: ixbt
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