Meta plans virtual currency, creator coins for its apps
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© Reuters. FILEPHOTO: A woman poses with a Meta logo smartphone in front a Facebook rebrand logo Meta. This illustration was taken October 28, 2021. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo(Reuters] – Meta Platforms Inc has plans to bring virtual tokens, cryptocurrencies into its apps. This is in the hope of using virtual tokens to reward creators or lend other financial services.
This move is believed to still be in the early stages of its development. It comes as Meta focuses on services that are centered around metaverse, a virtual world where people can interact, play, and work.
It could give Meta an additional revenue stream and more control over the transactions it makes using its suite of services and apps, including Facebook, Instagram, WhatsApp, and Meta Quest virtual reality platform.
Meta’s cryptocurrencies are internally called “Zuck Bucks” and intended for the metaverse. They may not have blockchain as they were created by people who know the subject.
According to the report, Meta may introduce in app tokens that will be centrally managed by the company. Such tokens can be used to reward users who contribute meaningfully in Facebook groups or pay favourite creators.
Meta didn’t immediately reply to a Reuters inquiry for comment.
Mark Zuckerberg, Chief Executive Officer of Meta, stated last month that Instagram would soon introduce non-fungible tokens, NFTs, in the “near term”.
Meta joined the Crypto Open Patent Alliance in January, a consortium of companies headed by Jack Dorsey’s Block Inc. It has pledged open access to crypto technologies.
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