Meta may have given up its plans to pursue the Diem/Libra cryptocurrency, but the company is still looking to expand its horizons. The Financial Times reports that the company may be working on a virtual currency termed ‘Zuck Bucks.’
Dubbed after Meta CEO and founder Mark Zuckerberg, Zuck Bucks may not be a cryptocurrency. The Financial Times writes:
Instead, Meta is leaning towards introducing in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps such as the Robux currency in popular children’s game Roblox.
Meta is still exploring blockchain technology and is working on posting and sharing NFTs on Facebook. The Financial Times states that the social network giant may launch it by mid-May and will later test it by allowing “membership of Facebook groups based on NFT ownership and another for minting NFTs.”
Facebook and Instagram’s parent company is also exploring ‘social tokens’ or ‘reputation tokens,’ which “could be issued as rewards for meaningful contributions in Facebook groups, for example.”
Meta spokesperson Lauren Dickson, in a statement to The Verge, said:
We have no updates to share today. We continuously consider new product innovations for people, businesses, and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like.
