Meta Platforms is preparing to integrate cryptocurrencies into its family of apps, aiming to use them to reward creators and facilitate lending and other financial activities.
The Financial Times reported on Wednesday that Meta is considering creating “Zuck Bucks,” a virtual currency that consumers can use across all of its apps, as the British lender expands its presence in the $800 billion virtual reality sector.
The metaverse is a network of three-dimensional virtual environments dedicated to social interaction.
It is sometimes characterized in science fiction as a possible iteration of the Internet as a single, universal virtual environment made possible through the use of virtual and augmented reality headsets.
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Another try for Meta
Although Meta (Facebook’s parent company) has recently given up on ambitions to build the Libra/Diem stablecoin, it seems that the company is still interested in developing crypto for use in the virtual world.
What was left of the company’s Diem stablecoin project was sold to Silvergate Bank earlier this year. According to the Financial Times, Meta doesn’t envision blockchain-based digital money, but rather in-app tokens centrally managed by the company.
While not officially called Zuck Bucks, the initiative is said to have been given this name by internal staff as a nod to Meta Chief Executive Officer Mark Zuckerberg.
The FT report also reveals possible plans for so-called reputation tokens, social tokens and creator coins, citing internal memos and unnamed sources.
BTC total market cap at $855.56 billion on the daily chart | Source: TradingView.com
Anything can still happen
However, the publication warns that the deliberations are still in their infancy and “may change or be cancelled”.
“Today we have no developments,” a Meta representative told Mashable.
“As a company, we are focused on designing for the metaverse, including the future of payments and financial services,” explains the rep.
If successful, the effort could also provide the company with a new revenue stream and greater control over transactions across its suite of apps and services, including Facebook, WhatsApp, Instagram and the virtual reality platform Meta Quest.
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The FT reported that efforts to integrate non-fungible tokens (NFTs) into Facebook and Instagram are progressing. In addition, an internal document suggests that Instagram will soon support NFTs and that a testing program for posting NFTs to Facebook will begin in mid-May.
Earlier this year, Meta joined the Crypto Open Patent Alliance, a collection of companies chaired by Jack Dorsey’s Block Inc that is committed to advancing open access to cryptocurrency technologies.
Featured image from Financial Times, chart from TradingView.com