According to the Financial Times on March 6th, Meta Platforms Inc. has formulated plans to incorporate virtual currencies, tokens, and lending services into its applications, intending to use such virtual tokens to reward creators as well as for lending and other financial activities. Despite the failure of a cryptocurrency initiative, Facebook’s parent company continues to pursue its financial objectives.
According to the article, Meta will offer in-app tokens that would be centrally controlled by the corporation, and such tokens could be used to compensate favourite Instagram producers or reward those who make substantial contributions to Facebook groups.
The move, which is said to be in its early phases, comes as Meta expands its focus on services based on the metaverse. a virtual environment where individuals may connect, work, and have fun.
If implemented, this may provide Meta with a new source of revenue as well as control over transactions throughout its suite of applications and services, which includes Facebook, Instagram, WhatsApp, and the Meta Quest virtual reality platform.
According to the article, which cited persons familiar with the situation, Meta’s currency, internally called “Zuck Bucks,” is meant for the metaverse and may not be based on blockchain.
“We have no updates to share today,” a Meta spokeswoman said on March 6th, adding that the business is focusing on developing for the metaverse, “which includes what payments and financial services may look like.”
Last month, Mark Zuckerberg, CEO of Meta, stated that Instagram would add non-fungible tokens (NFTs) in the “near time.”
Meta became a member of the Crypto Open Patent Alliance (COPA) early this year, a group of companies founded by Jack Dorsey’s Block Inc. that has pledged to promote open access to bitcoin technology.
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