Home Business Reports Show Meta is Creating ‘Zuck Bucks’, Their Own Cryptocurrency

Reports Show Meta is Creating ‘Zuck Bucks’, Their Own Cryptocurrency

Reports Show Meta is Creating ‘Zuck Bucks’, Their Own Cryptocurrency
Source: Deccan Hearld

According to a new Financial Times story, Meta may have abandoned its Diem cryptocurrency, but the business is still looking at financial solutions. The parent firm of Facebook and Instagram is said to be working on a number of projects, including a virtual currency that staff have dubbed “Zuck Bucks.”

Zuck Bucks are “unlikely” to be a cryptocurrency, according to Meta creator, chairman, and CEO Mark Zuckerberg. According to the Financial Times, “Meta is leaning toward adopting in-app tokens that would be centrally controlled by the firm, similar to those used in gaming applications like the Robux money in popular children’s game Roblox.” Roblox has made a sizable profit selling Robux, and Meta might aim to replicate that success on its own platforms.

Meta hasn’t completely shied away from blockchain technology, as the business is considering posting and sharing NFTs on Facebook. According to the Financial Times, the business aims to start a trial for accomplishing precisely that in mid-May, and Meta will test permitting “membership of Facebook groups based on NFT ownership and another for minting” NFTs shortly after. In January, the Financial Times reported on some of Meta’s NFT ambitions for Facebook and Instagram, and in March, Facebook CEO Mark Zuckerberg revealed that NFTs will be coming to Instagram.

Meta is also looking on “social tokens” or “reputation tokens,” according to the Financial Times, which “may be awarded as prizes for substantial contributions in Facebook groups, for example.” Traditional financial services, such as small business loans, appear to be on the company’s radar.

In a statement to The Verge, Meta spokesman Lauren Dickson stated, “We have no updates to give today.” “We’re always thinking about new product ideas for individuals, businesses, and artists.” We’re focusing on creating for the metaverse as a firm, which includes how payments and financial services may appear.”

We’ll have to wait and watch if Zuck Bucks or other suspected ventures turn out, and if they’ll be enough to assist Meta overcome its current problems. Former Twitter CEO Jack Dorsey, on the other hand, looks to be a huge supporter of Facebook’s objectives.