In short: You might think that Meta abandoned its plans for a digital currency after the major failure that was Facebook’s “scale” (renamed Diem), an ill-fated cryptocurrency that officially ceased to exist earlier this year. However, just the opposite is true: it seems that Meta still believes in the potential of digital currencies and is already planning many new proposals in this area, although none of them seem to use blockchain technology.
Reports claim that Meta plans to introduce various virtual “coins, tokens, and credit services” into its apps in the future — just in time for the vague concept of a “Metaverse” based on virtual reality that CEO Mark Zuckerberg and the company are trying to popularize.
One virtual currency in particular has been nicknamed “Zuck Bucksin Meta, according to a report from Ars Technica. Sources say the currency will not be Libra 2.0, but instead a non-blockchain token that will be fully controlled by Meta. Ars uses the Roblox “Robux” currency as its currency. For example, but others may include Fortnite V-bucks, World of Warcraft gold, or any other in-game token that can be exchanged for virtual goods and services.
Without knowing what the Metaverse really is, we can’t say what Zuck Bucks can be used for. However, we do not expect a significant deviation from other, already established currencies in the application (such as those mentioned earlier), so at least it is safe to assume that users can trade dollars with each other.
In addition to Zuck Bucks, Meta is also allegedly developing “social” tokens that are designed to reward users for contributing to the company’s various platforms in a “meaningful” way. Creator coins are also reportedly in development and will be associated with Instagram influencers. It’s not clear how said influencers will earn these coins, or if they should earn them at all – maybe they’re giving them away to subscribers?
The Meta’s financial influence could spread even further; far beyond its own applications. Ars says the company is also looking to offer small business loans at “attractive rates” that will give it a strong foothold in the real financial sector.
Whether any of these projects will ever see the light of day remains to be seen. Either way, it’s clear that Zuckerberg and company have a lot of iron in the financial fire right now, so stay tuned for more news on these plans.
Head credit: Dima Solomin