Meta Reportedly Plans to Create an In-App Token For its Metaverse

Meta, the company behind Facebook, is reportedly trying to develop its own token – not a cryptocurrency – to support its ambition of connecting users through the Metaverse. More tokens may be developed to facilitate the realization of the project, the report outlined.

• The newly explored token is like ROBUX for another metaverse Roblox reported the Financial Times.
• A metaverse-specific currency, which is in the early planning stages, has been nicknamed “Zuck Bucks” by employees, according to the paper.
• This new development is designed to attract users and create new revenue streams, counteracting the impact of Facebook and Instagram recently declining in popularity.
• Citing company memos and anonymous sources, the paper also indicates the giant’s plan of launching different types of tokens within the Meta’s universe, including social tokens, reputation tokens, and creator coins that would reward users’ contributions and connect influencers closer to their followers.
• Since the future regarding the token still remains unclear, Meta intends to launch a trial program of posting, creating and sharing NFTs on Facebook by mid-May.
• Mark Zuckerberg, the CEO of Meta, confirmed last month that Meta would bring NFTs to Instagram in “the near term”. Users can expectedly mint NFTs on the platform.
• Back in 2019, Meta tapped into the race of developing its own cryptocurrency, the Diem stablecoin. After a series of problems and concerns about financial stability the violation of user privacy, the project was abandoned in January, 2022.
• It, including all previous developments as well as the intellectual property and rights to the Diem stablecoin, was sold to Silvergate Bank which has an extensive experience in partnering up with crypto institutions.