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- Reportedly, Meta is planning to bring out a virtual currency as it moves towards building a Metaverse.
- They are making certain changes to prioritise building for the Metaverse, earlier highlighted by Stephane Kasriel, head of Meta’s finance division.
- It seems like the social media giant is constantly working toward Metaverse. It is to see what its further moves would be.
Facebook, which apparently was a major reason for the recent massive popularity of the Metaverse. Now known as Meta is reportedly planning to roll out a virtual currency and lending services to the applications it owns, including Facebook, Instagram, Whatsapp and Messenger; they might be among the impacted apps.
A recent report by Financial Times, this move towards virtual currency and tokens is focused on exploring other sources of revenue as the interest in Facebook and Instagram has witnessed a fall.
Zuck Bucks, What The Duck?
The employees have reportedly dubbed the digital currency as Zuck Bucks, inspired by the CEO’s name Mark Zuckerberg and would be aimed at utilisation in the Metaverse.
Although the report does not claim that Meta is looking forward to traditional currencies pegged to the blockchain, it might rather use centrally controlled tokens within its apps, more like an in-game currency.
Furthermore, apparently, the giant is also considering developing social tokens for engagement rewards and creator coins for influencers.
According to a January memo by Stephane Kasriel, head of Meta’s finance division, they are making changes to their product strategy and roadmap. So that they can prioritise on building for the Metaverse and what payments and financial services will look like in the virtual world.
Recently in Mid March, Mark Zuckerberg stated that their team of developers is working on adding an NFT feature on Instagram soon, and non-fungible token minting will be available in the coming months. And this exploration of virtual currencies into Meta’s apps comes alongside that. The report also highlighted that Meta is planning on rolling out an NFT pilot program by somewhere around May this year.
Though, everyone did not warmly welcome the decision of Facebook to rebrand itself as Meta. A few criticised it, but then there were a few who got excited instantly. In all, it gained mixed reactions. But now, it seems that Meta is taking its gradual steps towards the virtual world. And how the social media giant performs with respect to the yet to be fully emerged concept.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
