Meta is working again on a virtual currency

After the failure of its cryptocurrency project, Meta would think of a virtual currency in the form of tokens to be exchanged, “Zuck Bucks”.

The Meta company (Facebook, Instagram, etc.) is planning to create virtual currency and other financial services despite the failure of its digital currency project, according to a Financial Times (FT) article published on Wednesday.

The social networking giant is working, in fact, on the construction of the metaversethis parallel universe of virtual worlds accessible in augmented and virtual reality, which requires a whole infrastructure – including currencies.

“Zuck Bucks”

According to the FT, these tokens were nicknamed “Zuck Bucks” (“Zuck’s dollars”, short for Mark Zuckerberg, the founder and boss of Meta) by employees.

In January, the digital currency project, which had been launched with great fanfare by Facebook in 2019, was officially buried. The Diem association then announced that it would be dismantled, having failed to convince the regulators.

The currency was to offer a new method of payment outside traditional banking circuits, but it had caused a outcry from central banks, regulators and policy makers. They worried pell-mell about the risks to the stability of the financial system, the fight against money laundering or the protection of personal data.

Tokens as currency

But according to the FT, Meta does not plan to create a cryptocurrency registered on the blockchain this time, but rather tokens that serve as currencyas in some video games – Robux in Roblox or V-Bucks in Fortnite, for example.

The Californian group would also work on “social tokens“, which would be given to users to reward significant contributions, or currencies linked to certain influencers on Instagram, as a way for creators to monetize their content.

“As a company, we are focused on building the metaverse and that includes payments and related financial services.”

New sources of income

Contacted by AFP, a spokeswoman for Meta said she had “no announcements to make today”. “We are constantly considering new products for users, companies and creators. As a company, we are focused on building the metaverse and this includes payments and associated financial services“, she added.

Like Google, Twitter or even TikTok, Meta seeks to diversify its sources of income beyond personalized and targeted advertising, this economic model being called into questionin particular by regulators concerned with better respect for users’ personal data.

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Meta is working again on a virtual currency

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