After Diem Fiasco, Meta Looks to Zak Bucks for Virtual Money

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Meta’s cryptocurrency dreams may have ended with Diem but it hasn’t happened with virtual money yet. According to a recent report by the Financial Times, the company is working on a virtual token to make in-app purchases and reward creators.

The virtual money being dubbed by employees as ‘juke bucks’ is unlikely to be cryptocurrency. According to the report, the company is looking at introducing an in-app token that will be controlled directly by the company. “Instead, Meta is leaning toward offering in-app tokens that will be centrally controlled by the company, as used in gaming apps such as the Roblox currency in the popular kids game Roblox,” the report said. goes,” the report said.

As per the report, Meta is using these tokens as a method of payment on its platform. According to the FT report, one of the use cases the company is exploring is to reward creators or members for meaningful contributions to Facebook groups using “social tokens” or “reputation tokens”. In addition, Meta is also looking at traditional financial services like small business loans.

Meta has not yet shared its plans to introduce virtual currency. However, in a statement to The Verge, a Meta spokesperson said that the company was working on building the Metaverse. “We are constantly on the lookout for new product innovations for people, businesses and creators. As a company, we are focused on building the metaverse and incorporating what payments and financial services could look like,” said spokesperson he said.

Meta’s entry into the world of cryptocurrency invited considerable trouble for the company, so much so that the company is reportedly in talks with investment bankers to sell its intellectual property and find a new home for engineers developing the technology. Was being At the same time, Facebook founder Mark Zuckerberg has also talked about bringing NFTs to Instagram. And so, offering in-app tokens could be a way for the company to kill two birds with the same stone, rewarding developers and creators on its platform with tokens that can also be used in the company’s metaverse. can go.

After the post diem fiasco, Meta Zuck Bucks to Virtual Money Sees First appeared on BGR India.

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