can ‘zuck bucks’ revive meta?
Meta—the parent company that owns Facebook, WhatsApp and Instagram—is exploring a new digital currency according to a recent report by the Financial Times. The plans come just three years after Meta CEO Mark Zuckerburg tried to launch a cryptocurrency named ‘Libra’, later renamed to ‘Diem’, which subsequently shut down following opposition from policy-makers.
Unlike the failed Libra/Diem experiment, this new project ‘is unlikely to be a cryptocurrency based on the blockchain’, reports the FT.‘Instead, Meta is leaning towards introducing in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps such as the Robux currency in popular children’s game Roblox.’
Internal memos seen by the Financial Times indicate that Meta will introduce ‘social tokens’ or ‘reputation tokens’ that will be used as rewards for ‘meaningful contributions in Facebook groups’. In addition to virtual coins and tokens, the tech company is also looking into providing small business loans as part of its new financial strategy, according to the FT.
Although no official details or name have yet been released, the new virtual currency has already been nicknamed Zuck Bucks by Meta employees. But even with its catchy label, will Meta’s efforts to increase revenue streams be enough to keep up with the rising popularity of rival social media platforms such as YouTube and TikTok? In February 2022, Meta saw its stock market value plummet by 26.4% and $230bn (£169bn) in a record daily loss for a US company. Stay tuned as we keep you updated…
article via: the Financial Times
main image: Dima Solomin via Unsplash