As reported by Financial Times, Meta plans to launch virtual tokens and cryptocurrencies on its platforms. According to the report, the social media company wants to use these digital assets to reward creators and lend money.
However, Meta’s plan is still in the early stages. During this time, the company is making most of its services for the Metaverse. As per the record, the Metaverse is a virtual world where people can interact, work, and play.
Looking at the Reuters report, the tokens could be a new way for Meta to make money. Additionally, they could also give Meta more control over transactions in its apps and services. These include apps like Facebook, Instagram, WhatsApp, and the Meta Quest virtual-reality platform.
Details About the Meta’s Virtual Tokens
Meta’s cryptocurrencies will be known as ‘Zuck Bucks.’ As reported by the Financial Times, Zuck Bucks may not use blockchain technology. However, their primary utility is going to be the Meta Metaverse.
Moreover, another possible in-app token by Meta will make its debut in the near future. Additionally, the paper notes that these tokens might have the utility to compensate or reward individuals’ favorite creators.
Following on, a Meta spokesman told Reuters that the current focus of the company is on the Metaverse. This means they are working on what payments and financial services would look like. On the other hand, non-fungible tokens (NFTs) take a significant role in Meta’s long-term vision. Given these points, the CEO of Meta, Mark Zuckerberg, revealed last month that Instagram will offer NFTs soon.
Moreover, Zuckerberg believes that Instagram users will be able to mint their own NFTs on the platform. When asked when and how the framework would be put into effect, Zuckerberg did not give many details. He said he was not ready to declare exactly what that was going to be.