Tech

Meta wants to create a new virtual currency for the metaverse

In order to realize its ambitions in the field of finance, Meta Financial Technologies, the financial unit of Meta, plans again to create “Zuck Bucks”, a virtual currency intended for the metaverse.

Credit: Meta

Social media giant Facebook’s parent company Meta is reportedly planning to introduce virtual currency as well as lending services in the apps it owns. As a reminder, Meta owns Facebook, WhatsApp, Instagram and Messenger.

This would not be the first time that Meta would like to enter the financial markets. In effect, Meta had abandoned plans to create a cryptocurrency, first called Librathen renamed Diem, in the face of a strong reaction from financial regulators around the world.

The new currency “Zuck Bucks” would not be a cryptocurrency

Unlike Libra or Diem, Meta’s new currency would not be blockchain-based. The Financial Times reports that Meta is investigating the possibility of creating a centralized in-app token similar to ROBUX for the Roblox game. In other words, it probably wouldn’t be a cryptocurrency like Bitcoin or Ethereum. According to the FT, some Meta staff refer to the tokens as “Zuck Bucks”, named after CEO Mark Zuckerberg.

We remember that Facebook had already tried virtual currencies a few years ago. The company offered Facebook Credits in 2009, a virtual currency for in-app purchases, typically used in games such as FarmVille. She was discontinued in 2013 because she was too expensive to maintain.

Finally, Financial Times announces that Meta explores the creation of social tokens or reputation tokens, web3 products that will aim to connect content creators and consumers. Meta could also develop “designer pieces” that could link to influencers on Instagram, its photo-sharing app, the FT says, citing memos from the company and people close to the projects.

It is also expected that this new virtual currency will be usable in the metaverse of Meta. Large investments are more and more frequent in this virtual universe. For example, we saw a piece of land sell for $2.4 million. For the moment, Europe is a little behind in this area, but Emmanuel Macron has already declared that he wants the creation of a European metaverse.

Source: FinancialTimes

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