After failing to launch the ill-fated Diem/Libra stablecoin, Meta Platforms, Facebook’s parent company, is preparing to launch virtual tokens, cryptocurrencies, and lending services for its apps community.

Meta is developing a new crypto, the Zuck Bucks

Meta reports that it is working on a new cryptocurrency for remunerating creators through its social media channels, the metaverse and lending.

While Meta’s crypto, dubbed the “Zuck Bucks,” is intended for the metaverse, people familiar with the development suggest that it may not be based on blockchain. Meta will instead issue in-app tokens that are centrally managed by the company.

Meta might use Zuck Bucks as an incentive to its users to stay with it, given the declining revenue and increased competition like TikTok.

Increased Interest in the Metaverse
Meta submitted eight trademark applications relating to cryptography with the U.S. Patent and Trademark Office in March.

While Meta has declined to provide updates on its metaverse and its new virtual token, Mark Zuckerberg, the CEO of Meta, said last month that Instagram will integrate non-fungible tokens (NFTs) in the “near term.”

Meta has an internal memo stating that plans have been made to integrate NFTs in Facebook (NASDAQ). According to reports, a pilot launch of NFTs is planned for May.

To The Flipside

• Meta’s previous experience with Diem/LibraThis could lead to the tech company avoiding crypto in order to obtain regulatory approval.

What You Need to Care About

The move marks Meta’s growing focus on the metaverse and could help the tech giant raise its revenues.

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