Zuck Bucks: Meta is still planning its own money
After abandoning the cryptocurrency Diem, Meta still hasn’t buried its plans for its own financial products.
Meta experiments with different financial products.
The Facebook parent company Meta continues to research its own financial products. The Financial Times reported this week. According to the rumors, Meta is currently experimenting with a virtual currency that was internally dubbed “Zuck Bucks”.
Zuck Bucks and NFTs
The “Zuck Bucks”, named after Facebook founder Mark Zuckerberg, are not supposed to be a cryptocurrency, but a virtual currency in the form of tokens – similar to the Robux currency in the popular children’s game “Roblox”. According to the Financial Times, Meta is also experimenting with NFTs. According to a memo, a pilot test with NFTs will start on Facebook in mid-May. A little later it should be possible for a beta test audience to coin their own NFTs on Facebook and to join Facebook groups based on NFT ownership. In March, Zuckerberg also announced plans to roll out NFTs to Instagram. NFT ( Non-Fungible Token ) means a digital item that is neither replaceable nor copyable.
Social tokens and credits
According to speculation, Meta could also launch social tokens on Facebook. Users can collect these points, for example, if they have written useful or popular posts in the social network. Traditional financial services, such as small business loans, are also a focus of meta-experiments, according to the Financial Times.
On the part of Meta there was only a very vague statement to the IT magazine The Verge.
“We are constantly thinking about new product innovations for people, companies and creative people. As a company, our focus is on building for the Metaverse, and that includes what payments and financial services might look like.”
explains meta spokeswoman Lauren Dickson.