Meta may introduce tokens and digital currency lending services to apps: report
Social media giant Facebook’s parent company Meta plans to introduce a virtual currency named after CEO Mark Zuckerberg as well as app-lending services it owns, which may include Facebook, WhatsApp, Instagram and Messenger. .
According to a Financial Times report on Wednesday, the move to tokens and virtual currency is aiming to explore other revenue streams as interest in Facebook and Instagram wanes. Meta’s potential virtual currency, which employees reportedly dubbed “Zuck Bucks,” will be for use in the metaverse.
Facebook owner Meta targets finance with ‘Zuck Bucks’ and designer coins https://t.co/IcK6oAM0J7
—Financial Times (@FT) April 6, 2022
The report does not allege that Meta is exploring traditional blockchain-bound cryptocurrencies, but rather centrally controlled tokens for use in its apps, similar to in-game currency. for engagement rewards, as well as “designer coins” for influencers.
“We are making changes to our product strategy and roadmap […] so we can prioritize building for the metaverse and what payments and financial services will look like in this digital world,” Stephane Kasriel, head of Meta’s finance division, said in January.
Integrating virtual currencies into Meta’s apps could go along with the company exploring non-fungible tokens on users’ Facebook and Instagram profiles. The report suggested that Meta plans to launch an NFT pilot program as early as May 2022.
Cointelegraph reported in January that Meta is in the early stages of potentially launching an NFT marketplace, as well as exploring methods for users to mint collectible tokens. David Marcus, the co-creator of the Facebook-backed Diem token, said in August that the company was “definitely looking” for ways to get into NFTs.
Related: Vale Diem: How Facebook’s ambitious stablecoin project came to an end
Facebook was renamed Meta in October 2021, saying that at the time its focus extended beyond social media. The change came following the release of thousands of documents that implicated the company was not doing what it claimed in regards to removing hate speech and posts encouraging violence from its platform. The number of Facebook users fall of around 500,000 in the fourth quarter of 2021, while at least one expert predicted Instagram’s monthly user growth could drop from 16.5% in 2021 to 3.1% by 2025.