Meta may have given up its Diem cryptocurrency, but the company is still researching financial products, according to a new ones Financial times report† The parent company of Facebook and Instagram reportedly has a few irons in the fire, including virtual currency employees who have apparently come to be called “Zuck Bucks”.
Zuck Bucks, ostensibly named after Meta founder, chairman and CEO Mark Zuckerberg, is “unlikely” to be a cryptocurrency. “Instead, Meta is leaning towards introducing in-app tokens centrally managed by the company, similar to those used in gaming apps such as the Robux currency in popular children’s games. roblox,” according to the FT† Roblox has built a huge business selling Robux, and Meta could try to replicate some of that success on its own platforms.
Meta has not completely distanced itself from blockchain products as the company is also investigating posting and sharing NFTs on Facebook. The FT says the company plans to launch a pilot to do just that in mid-May, according to a memo, and soon after, Meta will test to “membership Facebook groups based on NFT ownership and another for hitting “Allow NFTs. The FT earlier reported on some of Meta’s NFT plans for Facebook and Instagram in January, and Zuckerberg announced in March that NFTs would be coming to Instagram.
In addition, Meta is investigating “social tokens” or “reputation tokens”, which “can be spent as rewards for meaningful contributions in, for example, Facebook groups”, the FT reports. The company also apparently explores traditional financial services, such as small business loans.
“We have no updates to share today,” Meta spokesperson Lauren Dickson said in a statement: The edge† “We are constantly thinking about new product innovations for people, companies and makers. As a company, we are focused on building for the metaverse and that includes what payments and financial services can look like.”
We’ll have to wait and see how Zuck Bucks or other rumored projects pan out and if they can help Meta overcome some of his recent problems. But one high-profile person seems to be a big fan of Facebook’s plans: former Twitter CEO Jack Dorsey†
(please let this be real)
— jack⚡️ (@jack) Apr 6, 2022