Meta To Go For Digital Currency Services And Tokens In Apps:


Meta, the new avatar of Facebook has reportedly planned to bring in virtual currency and also lending services through the apps it possesses. Its mega apps including WhatsApp, Facebook, Messenger, and Instagram could be among those apps that could be brought into this service.

On Wednesday, Financial Times reported that the company’s move towards digital currency and tokens is intended to look for alternative revenue streams as there has been a marked drop in interest in apps such as Instagram and Facebook.

Meta Digital Currency Dubbed Zuck Buck By Facebook Employees

The proposed digital currency from the company, christened Zuck Bucks after Mark Zuckerberg, by employees, could be used in the metaverse. The company does not appear at this stage to go for traditional cryptocurrencies that are linked to blockchains. Rather, the company is going in for generating social tokens as rewards for engagement and also creator coins aimed at influencers.

The company’s finance head Stephane Kasriel revealed that the company was making alterations to its road map and product strategy to prioritize what can be built on the metaverse. The company is also exploring what financial services and payments would resemble in the digital world.

Meta is also exploring the integration of non-fungible tokens for Instagram and Facebook. This comes along with the proposed virtual currencies to be introduced into apps controlled by Meta. There are chances that the company could go in for the launch of its non-fungible tokens pilot program in May 2022 itself.

Cointelegraph had earlier reported that the company was in the process of going in for a non-fungible token marketplace. It is also exploring ways to allow users to generate collectible tokens.

Diem token creator David Marcus, which is backed by Facebook, had said last August that Meta was looking for ways to enter NFTs.

Facebook changed its name to Meta last October and stated that the aim was to go beyond its social media business. Both Instagram and Facebook reported a drop in users and the trend is expected to continue. The company has also faced controversy for not doing enough to rein in hate speech on its platforms.