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Meta is Developing a New Virtual Currency – the Zuck Bucks, Intensifies Metaverse Push

Cryptocurrency Apr 07, 2022 05:31AM ET
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Meta is Developing a New Virtual Currency – the Zuck Bucks, Intensifies Metaverse Push

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

According to reports, Meta is developing a new cryptocurrency to be used for rewarding creators across its multiple social media platforms, its metaverse, and for lending and other financial services.

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. Rather, Meta plans to issue in-app tokens centrally controlled by the company.

With declining revenue as more users switch to newer competitors like TikTok, Meta could use the Zuck Bucks to incentivize its users to keep them.

Increased Push for the Metaverse In March, Meta filed eight different crypto-related trademark applications with the U.S. Patent and Trademark Office.

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.”

According to an internal memo at Meta, plans are in the works to integrate NFTs into Facebook (NASDAQ:FB). A pilot launch is reportedly scheduled for mid-May.

On The Flipside

  • Meta’s previous experience with Diem/Libra could see the tech giant avoid crypto to gain regulatory approval.

Why You Should Care

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

Continue reading on DailyCoin

Meta is Developing a New Virtual Currency – the Zuck Bucks, Intensifies Metaverse Push
 

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Comments (3)
Apichai Sriarunluck
Apichai Sriarunluck Apr 07, 2022 10:41AM ET
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why Elon not consider to buy meta instead of twitter
Meru Pet
Meru Pet Apr 07, 2022 6:03AM ET
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i want Zuckerbucks not Zuck bucks. It sounds bad...
Meru Pet
Meru Pet Apr 07, 2022 6:03AM ET
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you could back it on sugar
gab nea
gab nea Apr 07, 2022 5:45AM ET
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so many crypto currencies, my head is spinning. how many digital currencies do you need? none are replacing the dollar. are they scams to take our money?
 
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