Meta is reportedly working on a brand new virtual currency for its apps after failed efforts to launch a cryptocurrency.
The reported by Financial Times on Thursday that the Meta is working on virtual coins and tokens as a part of its large “metaverse” efforts to make a widespread virtual world. A metaverse-specific currency, that’s in the early planning stages, is nicknamed “Zuck Bucks” by employees, consistent with the paper.
The digital coins could not going be a cryptocurrency however could alternatively be in the form of in-app tokens managed by Meta, the FT reported, mentioning humans familiar with the situation.
It’s a part of strategy designed to draw attention towards users and create new revenue streams because the firm seeks to tackle fading recognition of its Facebook and Instagram platforms, reported by the paper.
“We are making changes to our product strategy and road map, so we are able to prioritize on building for the metaverse and on what payments and financial services will seem like on this digital world,” Stephane Kasriel, the head of Meta’s finance division, wrote in a memo, the FT reported.
Meta’s once-ambitious global cryptocurrency venture, Diem, didn’t launch earlier this year due to issues about financial stability and a lack of user privacy protections. In spite of that the company is serious about moving all of its platforms to the Web3 world, having filed 8 trademark applications last month to attach its logo on numerous cryptocurrencies and the metaverse.
Meta is moreover trying to create “social” or “reputation” tokens that might reward users for their contributions to Facebook groups, while additionally trying to create “creator coins” for influencers on Instagram, consistent with a company memo seen by the FT.
When the virtual currency plans are still in the planning stages, the FT additionally reported that the Meta plan to launch a trial program for posting, creating and sharing NFTs on Facebook by mid-May.
Meta confirmed last month that it’d soon bring NFTs to Instagram.