Meta Plans To Launch Virtual Currency ‘Zuck Bucks’

Synopsis: The company’s move on virtual currency comes at a time when it is reportedly significantly focusing on Metaverse. As per the report, the initiative will not be based on blockchain and would be in-app tokens which will be centrally controlled by Meta.

Meta (formerly known as Facebook) is on its way to introducing its virtual tokens and cryptocurrencies which it aims to use as virtual tokens. The token that is internally named ‘Zuck Bucks‘ will be used to reward creators on the company’s apps and other financial services. As per a report in Financial Times, the project is in its initial stages.

The company’s move on virtual currency comes at a time when it is reportedly significantly focusing on entering Metaverse. As per the report, the initiative will not be based on blockchain and would be in-app tokens which will be centrally controlled by Meta. The feature is most likely to be similar to the ones used in gaming apps.

Similarly, the company is reportedly exploring ‘social tokens‘ or ‘reputation tokens‘ that will be given as rewards for a significant contribution to Facebook groups. Plus there will be a ‘creator coin‘ also that will be awarded to particular influencers on Meta’s photo and video sharing app.

The report also suggests that Meta might also be planning to roll out the posting and sharing of NFTs (Non-fungible Token) as a tester on Facebook during the month of May. Also, the test may include allowing membership of Facebook groups that would be based on NFT ownership. The report further mentions that the company is mulling to bring NFTs on Instagram.

There is no official announcement by the company regarding the initiative of the virtual currency ‘Zuck Bucks’. Recently, Meta joined the Crypto Open Patent Alliance (COPA), which is a group of companies. COPA is led by microblogging platform, Twitter’s founder Jack Dorsey‘s Block Inc which is focused on promoting open access to cryptocurrency technologies.