Meta plans to start developing centralized tokens for its own metaverse. According to the Financial Times, Meta’s staff already have a name for that new virtual currency: Zuck Bucks.
Meta Financial Technologies, the fintech division of the company, is considering launching a digital currency. The cryptocurrency will be called Zuck Bucks.
In addition, the employees of the organization believe that the use of blockchain technology is unlikely. Perhaps it will be a centralized token like Robux, which is already used in the Roblox metaverse. The main thing, according to the developers, is to find a way to create a digital token that is not based on the blockchain.
The company, led by chief executive Mark Zuckerberg, is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram.
Meta is also considering creating a “social” or “reputation” token that will be used to reward users who have made “meaningful contributions” to certain Facebook communities.
Creator coin is a simplified form of blockchain technology that tends to revolutionize how streamers and content creators engage with their audience and earn a living. Another option for a potential digital asset is “creator coins”. They are planned to be used to encourage bloggers, influencers and certain categories of Instagram users.
In addition, it became known that Meta plans to expand its business into the traditional financial services market. The organization, according to the source, will focus on providing loans to small businesses.
A spokesperson for Meta said that the company had “no updates to share” but said Meta was “focused on building for the metaverse, and that includes what payments and financial services might look like.”