Technology

Meta Reportedly Making ‘Zuck Bucks’

Meta may have abandoned its Diem cryptocurrencybut the company is exploring according to a. still financial products New financial times report. The parent company of Facebook and Instagram reportedly has a few irons in the fire, including virtual currency employees who appear to have taken to calling it “Zuck Bucks.”

Apparently named after Meta founder, chairman and CEO Mark Zuckerberg, Zuck Bucks is “unlikely” to be a cryptocurrency. “Instead, Meta is leaning toward the adoption of in-app tokens that are centrally controlled by the company, similar to those used in gaming apps like the Robux currency in popular children’s games Roblox”, according to the FT. Roblox has built one huge business Selling Robux, and Meta could try to emulate some of that success on its own platforms.

Meta hasn’t completely distanced itself from blockchain products as the company is also looking into posting and sharing NFTs on Facebook. the FT According to a memo, the company plans to launch a pilot in mid-May to do just that, and soon after, Meta will test “enabling Facebook group membership based on NFT ownership and another to mint” NFTs is possible. the FT before reported about some of Meta’s NFT plans for Facebook and Instagram in Januaryand Zuckerberg announced that in March NFTs would come to Instagram.

In addition, Meta examines “social tokens” or “reputation tokens” that “could be issued as rewards for meaningful posts in Facebook groups, for example.” FT reports. The company also appears to be looking into traditional financial services, such as small business loans.

“We have no updates to share today,” meta spokeswoman Lauren Dickson said in a statement The edge. “We are constantly thinking about new product innovations for people, companies and developers. As a company, our focus is on building for the Metaverse, and that includes what payments and financial services might look like.”

We’ll have to wait and see how Zuck Bucks or other rumored projects play out and if they can help Meta overcome some of them recent problems. But one high-profile person appears to be a big fan of Facebook’s plans: Ex-Twitter CEO Jack Dorsey.

https://www.theverge.com/2022/4/6/23013896/meta-facebook-zuck-bucks-finance-financial-services-products Meta Reportedly Making ‘Zuck Bucks’

Fry Electronics Team

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