Facebook’s parent company Meta is reportedly exploring the potential of digital money referred to internally as “Zuck Bucks”.
According to the reports, “Meta abandoned its effort to create a global cryptocurrency, first called Libra but eventually re-branded as Diem, in the face of fierce backlash by financial regulators around the world.”
The move, which is reported to be in its early stages, comes as Meta grows its focus on services centered around the metaverse, a virtual environment where people interact, work, and play.
If implemented, it could also give Meta a new revenue channel and control over transactions in its suite of apps and services, which include Facebook, Instagram, WhatsApp, and the Meta Quest virtual reality platform.
“Products being considered at Meta include digital tokens similar to those used for transactions in video games, with the internet company’s version nicknamed “Zuck Bucks” by those working on it,” according to the media reports.
As per the spokesperson, “We continuously consider new product innovations for people, businesses, and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like.”
Popular games such as Fortnite and Roblox use tokens for transactions. The tokens might be used to compensate creators and influencers whose posts attract large audiences online, the reports said.
Recently, Meta entered into a partnership with the eCommerce technology firm VNTANA in order to bring 3D advertisements to social media platforms Facebook and Instagram. The 3D models can then be published from VNTANA directly to the Meta catalog, so brands can greatly streamline the creation of 3D ads.