deadThe parent organization behind social media platforms FBAnd Instagram And The WhatsAppIt is said to be making plans to introduce virtual tokens that will not be dependent on the blockchain.
Dubbed “Zuck Bucks” inside Facebook’s walls, they’re one of the virtual tokens built for the metaverse, according to a recent article in the Financial Times.
The article states that this token will not be a blockchain-based cryptocurrency:
Instead, Meta tends toward offering in-app tokens that are centrally controlled by the company, similar to those used in gaming apps, such as children’s game Robux currency. Roblox. “
Robux, Roblox’s in-game currency, can be purchased through in-game apps and can then be used to pay for upgrades or avatar extensions. Roblox built its business model around Robux, and Meta could use the same strategy.
The article adds that Meta has also made plans to create “social tokens” or “reputation tokens,” which are rewards to be distributed to users for their contributions on the company’s platforms, primarily Facebook.
“Another initiative involves developing ‘coins for creators’ that can be linked to specific influencers on the Instagram photo-sharing app,” the post said.
Meta’s move away from blockchain-based crypto tokens/assets comes after the company’s plan to launch a US dollar-backed stablecoin faced a massive regulatory backlash but ultimately failed. Then, as noted, the US bank Silvergate confirmed its intention to buy Diem’s intellectual property rights.
dead, edited by Mark Zuckerbergexplored other sources of income as the popularity of major social media products, such as Facebook and Instagram, continued to decline.
According to Meta’s performance results for the fourth quarter of 2021 and the full year, Facebook lost 1 million daily active users in the last quarter of 2021. And in February, Meta lost more than $220 billion in valuation. Marketplace after Mark Zuckerberg said customers are spending more time on Competing platforms such as tik tok.
To compensate for these losses, Meta has attempted to offer more traditional financial services, such as small business loans at attractive rates.
“Although no immediate planning, the company has already had discussions with potential loan partners,” the Financial Times said, adding that “most of these initiatives are under discussion and could be changed or abandoned.”
However, the company has reportedly ended plans to add support for non-fungible tokens (NFTs) to its social platforms, and this also includes Facebook.
Zuckerberg revealed in mid-March that Instagram would begin supporting NFTs “over the next few months.” However, FT claims that Meta also aims to introduce NFTs to Facebook.
“Meta plans to launch an experiment to post and share NFTs to Facebook in mid-May,” the post read.
He adds that the social platform will then begin testing a feature that could make owning NFTs a prerequisite for joining Facebook groups.
Meta’s growing interest in the virtual world and blockchain-based innovation comes as company executives see the metaverse as the “next chapter of the Internet.”
“We are making changes to our product strategy and roadmap […] In order to prioritize building the metaverse, payments and financial services for this digital world.” Stephen Kesrelthe new CFO of Meta, earlier this year.
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