Connect with us

Hi, what are you looking for?

Technology

Meta is reportedly working on several new digital currencies, including ‘Zuck Bucks’

In brief: You might think that Meta has abandoned its plans for digital currency following the major flop that was Facebook’s ‘Libra’ (renamed to Diem), an ill-fated cryptocurrency that officially met its demise earlier this year. However, quite the opposite is true: it looks like Meta still believes in the potential for digital currencies and is already planning a host of new offerings in this area, though none of them seem to be using blockchain tech.

Reports claim that Meta plans to introduce various virtual “coins, tokens, and lending services” to its apps moving forward — just in time for the nebulous VR-based “Metaverse” concept that CEO Mark Zuckerberg and co are attempting to popularize.

One virtual currency, in particular, has been nicknamed “Zuck Bucks” within Meta, according to a report from Ars Technica. The outlet’s sources say the currency won’t be Libra 2.0 but will instead be a non-blockchain token that would be fully controlled by Meta. Ars uses Roblox’s “Robux” currency as an example, but others would include Fortnite’s V-bucks, World of Warcraft’s Gold, or any other in-game token that can be exchanged for virtual goods and services.

Without knowing what the Metaverse actually is, we can’t say what Zuck Bucks could be used for. However, we wouldn’t expect a massive deviation from other, already-established in-app currencies (like those mentioned before), so at the very least, it’s probably safe to assume users can trade Bucks between each other.

In addition to Zuck Bucks, Meta is also allegedly developing “social” tokens that seek to reward users for contributing to the company’s various platforms in a “meaningful” way. “Creator coins” are also reportedly in development and will be linked to Instagram influencers. It’s unclear how said influencers will earn those coins, or if they even have to earn them at all — maybe they hand them out to followers?

Meta’s finance influence could spread even more; far beyond its own apps. Ars says the company is aiming to offer small business loans at “attractive rates” as well, which would give it a firm foothold in the real-world financial sector.

Whether or not any of these projects will ever see the light of day remains to be seen. Either way, it’s clear that Zuckerberg and co have a lot of irons in the financial fire right now, so stay tuned for further news on those plans.

Advertisement. Scroll to continue reading.

Masthead credit: Dima Solomin

Click to comment

Leave a Reply

Latest

Top Stories

Shortly after approving Bitcoin (BTC) as legal tender in the Central African Republic (CAR), the local government is moving to provide the digital currency...

Online Business Success

What is the key to turning the strongest sales leads into revenue-generating contracts? Independent research suggests a strong pre-sales operation drives huge value in...

Top Stories

Three years after being ousted as CEO of WeWork, Adam Neumann has jumped on the crypto bandwagon, raising $70 million in the first major...

Top Stories

Bitcoin (BTC) could be in for a return to levels not seen since before its 2020 bull market if history repeats itself. That was...

Top Stories

The need for a clear, balanced concept of the issue was a constant theme at the panel discussion of crypto’s carbon footprint at the...

Social Media

The success of TikTok largely comes down to participatory trends, and the capacity for anyone to not only consume clips in the app, but...

Advertisement

You May Also Like

Uncategorized

Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...

Advertisement