Meta is reportedly planning to launch Zuck Bucks, a digital currency along with coins, virtual tokens, and various financial services. The move comes after their pet crypto plans fail to take off.
What is Zuck Bucks?
Zuck Bucks is a digital currency. However, unlike cryptocurrency, it is an in-app token system that is Meta controlled. In simple words, it is similar to currency used in gaming apps. According to The Financial Times report, Meta Financial technologies, the firm’s financial arm is exploring a virtual currency venture for the metaverse. Dubbed Zuck Bucks, the digital currency is named after the firm’s founder, Mark Zuckerberg.
“The company is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram — a trend that threatens its $118 bn-a-year ad-based business model,” stated the report. Meta is planning to introduce creator coins for influencers on Instagram. The firm is also planning to create a reputation or social tokens. Reports reveal that they may be issued as rewards for contributing meaningfully to Facebook groups. “Insanely great. Please let this be real,” tweeted Jack Dorsey, the founder of Twitter.
Zuckerberg’s crypto dreams fail
The move for Zuck Bucks is following the failure of the firm’s plan to introduce cryptocurrency. The firm faced regulatory hurdles with the US Federal Reserve as a key to making Zuckerberg’s cryptocurrency plans a reality. In February, Meta announced that Diem, their digital coin sold for about $200 million to SilverGate. Silvergate is a bank focusing on cryptocurrency. However, Diem was launched as Libra. On the other hand, Meta is planning to launch a facility to share and post non-fungible tokens (NFTs) on Facebook. The report also mentions that the NFTs can be monetized through “fees and/or ads” in the coming days.