Despite the failure of Diem (ex-Libra) who ran into a regulatory wall in the United States, Facebook’s parent company, Meta Platforms, would have put a virtual currency project back on the table, notes the FinancialTimes in an article on Wednesday, April 6. Mark Zuckerberg’s company is reportedly considering introducing virtual currencies and even financial services on its platforms, namely Facebook, WhatsApp and Instagram. Concretely, it would not be, like the Libra project, a cryptocurrency based on the blockchain, but digital tokens to be used in the metaverse or on the group’s platforms, like a currency used in a video game, underlines the financial daily.
And these tokens are currently referred to internally as “Zuck Bucks”, or Zuck’s dollars, the diminutive of Mark Zuckerberg, the founder of Facebook. The group is also reportedly considering “social tokens”, designed as rewards for users who have made significant contributions. They will also allow creators to monetize their content, details the FinancialTimes.
A way to diversify your income
This project, which would be in the hands of the financial arm of the company, Meta Financial Technologies, would provide the company with a means of diversifying its income, since its business model, based mainly on targeted advertising, is currently in the viewfinder. European and American authorities. In February, Meta’s stock fell more than 20% after news broke of Facebook’s first-ever drop in active user numbers. The social network had 500,000 fewer members in the fourth quarter of 2021.
Asked by Reuters, Meta neither confirmed nor denied the information. The spokesperson said the company is focused on metaverses. In February, CEO Zuckerberg announced that Instagram would introduce non-fungible tokens (NFTs) in the “short term”, the news agency said. According to FinancialTimesFacebook will also launch a pilot project for posting and sharing NFTs on its platform in May.