Meta Planning ‘Zuck Bucks’ Digital Currency as Crypto Dream Fails

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Following the failure of its pet cryptocurrency project, Meta is reportedly planning to launch a digital currency called ‘Zuck Bucks,’ named after its founder Mark Zuckerberg, as well as virtual tokens, coins, and other financial services.

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According to The Financial Times, Facebook’s financial arm, ‘Meta Financial Technologies,’ is working on a virtual currency for the metaverse called “Zuck Bucks.”

“The company is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram — a trend that threatens its $118 bn-a-year ad-based business model,” the report mentioned on Wednesday.

“Zuck Bucks” will not be a cryptocurrency, but rather in-app tokens that will be controlled centrally by the company, similar to those used in gaming apps such as Roblox’s ‘Robux’ currency.

Roblox has made a fortune selling ‘Robux,’ and Meta could try to replicate that success on its own social networks.

Meta also intends to develop “social tokens” or “reputation tokens,” which could be used to reward people who make meaningful contributions to Facebook groups.

On its photo-sharing platform Instagram, the company also plans to produce “creator coins” for influencers.

“Insanely great. Please let this be real,” posted Twitter founder Jack Dorsey on Thursday on the Meta plans to create “Zuck Bucks”.

Meanwhile, Meta plans to launch a Facebook pilot next month for posting and sharing non-fungible tokens (NFTs). According to the report, NFTs could be monetized in the future through “fees and/or ads.”

Faced with regulatory obstacles, Zuckerberg’s cryptocurrency dream came to an end in February when the company announced the sale of its digital coin, Diem, to Silvergate, a crypto-focused bank, for around $200 million.

The cryptocurrency initiative, which began as Libra and was later renamed the Diem Association, faced regulatory opposition, with the US Federal Reserve being a major opponent.

During an October 2019 meeting in Geneva, Facebook and 20 partner organizations formally joined the digital currency project.

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Arpan Timsina

Long time ago I used to have a life until higher-ups told me to write a bio.

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