Zuck Bucks could be part of the future of Facebook’s Metaverse

Close-up of Zuckerberg not looking very happy.

Photo: Alex Wong (Getty Images)

The parent company of Facebook Meta is said to be planning to launch a new digital currency for the metaverse. Internally, employees at Meta call the undisclosed currency “Zuck Bucks.” These new digital dollars are unlikely to be tied to any kind of blockchain, but don’t worry; Meta, led by CEO Mark Zuckerberg, has plans to merge NFTs In its social apps too, because we live in the year 2022 aka Hell.

According to a new report from financial timesHowever, Meta has a number of virtual coins and coins related projects and plans in various stages of development, as the company looks for more ways to earn money as it loses users to rival social media apps like TikTok and Heavy losses on Wall Street. This is how we get to the Zuck Bucks. And no, that’s not a forgotten name star Wars Expanded universe character, but instead, the silly name some employees use internally for an in-app crypto token/currency that has yet to be announced, and is centrally controlled.

As mentioned in the report, the idea is that this single currency, which is controlled, sold and backed by Meta, can be used across various apps and services within it. Special (horrible) project metaverses. This concept is not very different from the proprietary coins that are already in many online games, although perhaps of a much wider scope. financial times names directly Roblox’s Robux is similar to what Meta and Facebook are trying to achieve.

Another plan: things called “social tokens” or “reputation tokens,” which will be offered to users as a reward for making “meaningful contributions” to Facebook groups. A similar idea is to offer “coins to creators” potentially linked to specific influencers on Meta’s photo-sharing app, Instagram. There are apparently also plans for Meta to offer small business loans “at attractive rates”, although the report makes it clear that any and all of these projects could be deferred.

Read more: NFT market collapsed, oh no

Facebook is also looking to merge NFTs and Blockchain Technology in its applications and services. These plans are said to be “more sophisticated” and unlikely to be dropped. A memo from last week revealed a rough timeline, as Meta looks to launch a beta program for NFTs on Facebook in May of this year.

After launching this program, it will be “quickly followed” with a feature that allows Facebook groups to select membership for users who own specific NFTs, and another project to mint NFTs via Facebook. NFTs may be monetized through “fee” or “advertising” at a later time, according to a memo obtained FT.

If this all sounds a little familiar, it’s because Facebook was trying to build Blockchain powered shit For some time now. previous effort, Failed “Dim”, They have been tied up in regulatory issues due to questions about the proposed currency’s stability.

According to comments attributed to two people who work in the Meta financial department before FT’Q . reportCurrently, the company is trying to avoid this fate by designing a “less regulated way to deliver digital currency”.

Thankfully, the folks at Meta are looking to create something that can avoid all those annoying regulations meant to. Protect consumers from fraud and pull the rug.

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