Mark Zuckerberg just can’t move past the idea of developing his own payment system.
Meta, the parent company of Facebook, is developing several financial products for its platforms, including a virtual token for usage in the metaverse. Employees have dubbed the tokens “Zuck Bucks” in honour of Facebook founder Mark Zuckerberg.
“Zuck Bucks” is believed to be an in-app currency managed by Meta rather than another cryptocurrency related to blockchain technology.
According to the reports, the new “Zuck Bucks” currency would operate much like the “Robux” currency used to allow transactions on the popular children’s video game platform Roblox.
The in-app currency is one of several financial products in the works for Meta, which is attempting to diversify its revenue streams while maintaining its user base in the current competitive market.
According to the Financial Times, Meta is also investigating the development of “social tokens” that might be granted to people who make constructive contributions to Facebook groups and “creator coins” to promote individual Instagram influencers.
Non-fungible tokens, or NFTs, are another area where Zuckerberg’s company is toying. The billionaire revealed earlier this year that Meta would “bring NFTs to Instagram in the near term.”
“We continuously consider new product innovations for people, businesses, and creators. As a company, we are focused on building for the metaverse, which includes what payments and financial services might look like,” the spokesperson said.
Facebook previously announced ambitions to launch its own cryptocurrency, Libra, in 2019. The project, however, quickly came under legal scrutiny, with government officials and lawmakers raising questions about Facebook’s track record with user privacy and the potential economic consequences.
The Libra Association rebranded as “Diem,” but the Meta-backed project had to hand over its assets to Silvergate earlier this year after failing to gain regulatory approval.