Meta, the parent company of the social media giant Facebook is currently thinking of ways to introduce lending services as well as a virtual currency in its own apps, including the likes of Instagram, Facebook, Whatsapp, and Messenger.
According to the report printed on Wednesday in Financial Times, this strategy of the company has been initiated to develop new and alternative revenue streams as the interest in the social media platforms like Facebook and Instagram is gradually dropping. The potential digital currency of Meta is internally dubbed as ‘Zuck Bucks,’ which is named after the CEO Mark Zuckerberg and will be utilized in the metaverse.
The report does not state that the company will be exploring the likes of traditional cryptocurrencies. Rather, they will focus on centrally controlled tokens that can be used in the company’s apps, and the concept is similar to that of in-game currency. The company is also appraising on creating ‘creator coins’ for influencers and ‘social tokens’ as an engagement reward.
In a January memo, the head of Meta’s finance division, Stephane Kasriel has, stated that the company is creating changes in their products and their roadmaps so that they can prioritize their construction of the metaverse and what kind of financial services and payment options they will offer in their digital platform.
Previously it was reported that Meta is exploring the opportunities of integrating NFT with Instagram and Facebook. The inauguration of the virtual currencies in the Meta apps may happen alongside the NFT integration project. Meta’s NFT pilot program might be launched in May 2022.