Zuck Bucks could be part of Facebook’s Metaverse future

A close-up of Zuckerberg who doesn't look so happy.

photo: Alex Wang (Getty Images)

Facebook parent company Meta is reportedly planning to launch a new digital currency for the Metaverse. Internally, employees at Meta call the unannounced currency “Zuck Bucks.” These new digital dollars probably won’t be connected to any kind of blockchain, but don’t worry; Meta, led by CEO Mark Zuckerberg, is planning an integration NFTs also in his social apps, because we live in the year 2022, also known as hell.

According to a new report by financial timesMeta has a number of projects and plans related to virtual coins and currencies in various stages of development as the company looks for more ways to make money as it loses users to competing social media apps like TikTok and suffers huge losses on Wall Street. So we come to Zuck Bucks. And no, that is not the name of a forgotten person war of stars Expanded Universe character, but instead evolves the silly name some employees are using internally for a yet-to-be-announced, centrally-controlled, in-app digital token/currency meta.

As mentioned in the report, the idea is that this one currency, controlled, sold and supported by Meta, could be used for various apps and services within Meta own (horrible) Metaverse project. The concept is not entirely dissimilar to the proprietary currencies that already exist in many online games, albeit perhaps with a wider reach. financial times direct name Roblox’s Robux is similar to what Meta and Facebook are trying to pull off.

Another plan: so-called “social tokens” or “reputation tokens”, which are offered to users as a reward for “meaningful contributions” in Facebook groups. A similar idea is to offer “creator coins” that would potentially be tied to specific influencers on Meta’s photo-sharing app Instagram. There also appear to be plans for Meta to offer small business loans at “attractive interest rates,” though the report states that all of those projects could be shelved.

Continue reading: The NFT market has collapsed, oh no

Facebook is also striving for integration NFTs and blockchain technology into its apps and services. It is said that these plans are more “mature” and are unlikely to be dropped. A memo last week even revealed a rough timeline for Meta to launch a pilot program for NFTs May this year on Facebook.

After this program goes live, it will be “briefly” followed by a feature to allow Facebook groups to limit membership to users who own specific NFTs and another project to mint NFTs via Facebook. According to a memo obtained by NFTs could be monetized via “fees” or “advertising” at a later date FT.

If all of this sounds a little familiar to you, that’s because Facebook was trying to create something Blockchain powered shit For some time. An early try the failed “Diem”, became embroiled in regulatory troubles over questions about the stability of the proposed currency.

According to comments attributed to two people working in Meta’s finance department FT’s reportthe company’s current efforts seek to avoid that fate by developing “the least regulated way to offer a digital currency.”

Thank goodness the folks at Meta are trying to create something that can avoid all those pesky regulations that are intended Protect consumers from fraud and carpet pulls.

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