At the moment, Meta is developing projects to introduce cryptocurrency, tokens and credit services in its subsidiary applications. Facebook’s parent company has huge financial ambitions, despite it’s failed cryptocurrency launch project. The company, which is headed by Mark Zuckerberg himself as CEO, is presently actively searching for alternative sources of income and new solutions that’ll assistance invite and maintain users. The popularity of its main products, Facebook and Instagram, is falling, threatening its $118 billion-a-year advertising-based business model.
“Meta Financial Technologies, the finance arm of Facebook, is presently exploring the opportunity of creating a virtual currency for the meta-universe, which people inside the company have already dubbed “Zuck Bucks”.
It’s unlikely to be a blockchain cryptocurrency, according to rumors. Meta is leaning more toward introducing internal tokens that’d be centrally controlled by the company, love those in gaming apps, love “Robux” in the favorite children’s game Roblox. According to insider information, Meta is also considering the introduction of so-called “social tokens” or “ranking tokens,” which could be issued, for example, as a reward for meaningful contributions to communities on Facebook. In addition, there is a project to introduce “creator coins” for Influencers on Instagram.
Most of the projects are still in the early stages of discussion and may be added to or cancelled altogether. Plans to integrate NFT, for example, are presently more clearly laid out. Zuckerberg confirmed information published in the Financial Times that Instagram will soon start supporting NFT. According to an internal document released latest week, Meta plans to pilot the publishing and sharing of NFT on Facebook in mid-May. Immediately thereafter, testing will start on a feature that’ll authorize NFT to be in Facebook communities, as well as a feature to “coin” NFTs. According to another internal document, NFT can be monetized through “commissions and/or advertising.”