2 November 2024
Meta To Introduce ‘Zuck Bucks’ Virtual Coins For Facebook and Instagram Users
Meta Platforms is planning to introduce virtual tokens and Cryptocurrencies to use such virtual tokens for rewarding creators and lending and other financial services.
The decision was taken after Meta started to focus more on services related to the metaverse, a virtual environment where people interact, work, and play.
It will also give Meta a new revenue channel and control over transactions in its suite of apps and services, which include Facebook, Instagram, WhatsApp, and the Meta Quest virtual reality platform.
According to the FT report, Meta’s Cryptocurrencies will be known as "Zuck Bucks" and will be used for metaverse and may not be based on blockchain.
It could introduce in-app tokens that would be centrally controlled by the company. The tokens could be used to pay favorite creators on Instagram or reward people who make meaningful contributions to Facebook groups.
Meta spokesperson said that the company is focused on building for the metaverse "and that includes what payments and financial services might look like."
Last month, Mark Zuckerberg, chief executive officer of Meta said that Instagram will introduce non-fungible tokens (NFTs) in the "near term".
A few months back, Meta had joined the Crypto Open Patent Alliance (COPA), a group of companies led by Jack Dorsey's Block Inc that has pledged to promote open access to Cryptocurrency technologies.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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