Facebook‘s parent company Meta has decided to create its own currency called ‘Zuck Bucks’, named after Meta’s CEO Mark Zuckerberg.
“Zuck Bucks” is a digital currency that’s being developed by Meta as a form of digital tokens rather than another form of cryptocurrency. In a recent Financial Times report, Meta intends for this new digital currency to act like in-app tokens, similar to what’s used in games like Roblox.
The company has plans to expand this project to create some sort of “social” or “reputation” tokens as rewards for influencers and content creators on their platform. But it’s not just digital currencies: Meta is also planning to pilot a program to help share and own NFTs after Zuckerberg announced last month that Instagram will be supporting NFTs in the “near term”.
Meta’s Head of Commerce and Financial Technologies, Stephane Kasriel, released a memo back in late January where it states that Meta is working on a metaverse compatible financial system.
“We’re making changes to our product strategy and road map . . . so we can prioritise on building for the metaverse and on what payments and financial services will look like in this digital world.”
This isn’t the first time that Facebook dabbled in developing digital currencies. Back in 2009, Facebook credits were a virtual currency that was sold in shops to use for in-game and non-gaming purchases on the Facebook platform. The exchange rate was $1 for 10 credits and it was discontinued in September 2013.
Meta appears to be embracing Web3 ideals as they’re developing new projects that utilises virtual worlds and digitial products. Meta announced the metaverse back in 2021, a digital space where people can interact and work togehter virtually. However, not everyone is convinced that it will be successful, such as former Nintendo CEO Reggie Fils-Aimé as he believes that Meta isn’t innovative.
As of right now, though, the metaverse is currently on its invite-only beta stage in the United States and Canada, with no official public release having been announced.
