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. According to the report, more tokens could be created in order to make the project possible.
According to the Financial Times, the newly discovered token is similar to ROBUX in another metaverse Roblox.
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 meant to attract users, create new revenue streams and counteract the decline in popularity of Instagram.
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.
The future of the token is still uncertain, so Meta plans to launch a pilot program on Facebook that allows users to create, share, and post NFTs.
Mark Zuckerberg, the CEO of Meta, confirmed last month that Meta would bring NFTs to Instagram in “the near term”. NFTs can be mined by users on the platform.
Meta was able to tap into the race for its own cryptocurrency in 2019, the Diem stablecoin. After several problems and concerns over financial stability, as well as the violation user privacy, the project was scrapped in January 2022.
It was also comprised of all previous developments and intellectual property rights to Diem. This transaction was made to Silvergate Bank who has extensive experience in working with crypto institutions.