While the social media giant Facebook and Instagram has left its Diem cryptocurrency project aside, Meta still has other virtual currency projects in sight. After having suffered the refusal of the regulatory authorities as to his latest proposals, Libra and Diem, Mark Zuckerberg does not stop there. According to a report from FinancialTimes, the company is considering the launch of a virtual currency called “Zuck Bucks”. This is the nickname given to this virtual ticket by the employees of the company.
Zuck Bucks, a diversification solution
This is a project of Meta Financial Technologies, the financial branch of the company, which would allow the latter to diversify its income. Indeed, its economic model, based solely on advertising, is in the sights of the American and European authorities.
Objectively, the project is different from that of Libra, which was a blockchain-based cryptocurrency. The new project is oriented towards a social experience. Users could use digital tokens across the group’s platforms or in the metaverse, for example. The same way players might use currency in a video game. These tokens are currently dubbed “Zuck Bucks”, where Zuck’s dollars. “Zuck” being the diminutive of Mark Zuckerberg, the founder of Meta, formerly Facebook.
Social Tokens, NFTs and Zuck Bucks
Aside from Zuck Bucks, Meta is also reportedly considering entering the world of NFTs. The company plans to share and publish NFTs on Facebook. A pilot project should see the light of day by May. Mark Zuckerberg having already communicated their arrival on Instagram, admission to certain groups on the platform would be conditional on the detention of NFT.
The experience around these social tokens could be associated with the user’s reputation. These are digital tokens distributed to differentiate Facebook users. Indeed, the tokens could be distributed to reward active participation in various groups.
Meta is also thought to focus on more traditional financial services. The company plans to provide loans to small businesses. For the moment, Meta has not yet given any confirmation concerning all of these projects.
“At this time, we have no information to share. We are constantly considering product innovations for companies, individuals, as well as creators. As a company, we’re focused on building the metaverse and that includes ideas for what financial services and payments might look like.said Lauren Dickson, spokeswoman for the company.
The Zuck Bucks, whose real name remains a mystery, could thus become the official currency of the metaverse of Meta.
After the failure of the Diem project, Meta continues to look for other ways to launch a currency. This is to improve the user experience. The “Zuck Bucks” project, a blockchain-free currency project is in full preparation. These would be tokens internal to the application, controlled centrally by the company, like the payment units used in video games.
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Meta: “Zuck Bucks” Zuckerberg’s cryptocurrency
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