According to the Financial Times, Facebook’s parent company Meta is looking into the possibilities of digital money, referred as “Zuck Bucks” internally as a play on the founder’s name.
In the face of significant reaction from banking regulators throughout the world, Meta abandoned its plan to develop a worldwide cryptocurrency — originally called Libra, then renamed Diem.
Founder and CEO Mark Zuckerberg, on the other hand, has spoken about the importance of e-commerce and financial tools in his vision for the metaverse, an immersive online environment.
In response to an AFP query, a Meta representative said, “We always evaluate new product developments for individuals, businesses, and creators.”
“As a company, we’re focusing on creating for the metaverse, which includes payment and financial services.”
A spokeswoman for the company declined to comment on specific innovations being pursued.
According to the Financial Times, digital tokens similar to those used for transactions in video games are being considered at Meta, with the internet company’s version being dubbed “Zuck Bucks” by those working on it.
Tokens are used for transactions in popular games like Fortnight and Roblox. The tokens might be used to compensate creators and influencers whose posts attract large audiences online.
Meta wants to diversify its revenue streams away from targeted advertising, which has raised worries about breaching users’ privacy.
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