Several sources at Meta have told the
Posted: Tue Jan 07, 2025 3:41 am
Meta plans to launch its own virtual currency on its platforms. According to the Financial Times , it would be a response to the company's ongoing expansion of the range of financial products it offers to users of its applications and services.
The company’s financial arm, Meta Financial Technologies , has been exploring the possibility of using a digital currency as a way forward down the path to the metaverse . Some employees are already referring to these digital tokens as “Zuck Bucks,” after the firm’s founder, Mark Zuckerberg .
Financial Times that the final product is unlikely switzerland number data to be a blockchain-based cryptocurrency. Instead, a reward system consisting of “reputation tokens” or “social tokens” is being considered. These could be earned, for example, by making valuable contributions in Facebook groups. On the other hand, there would be “creator coins” for influencers and content creators, with the aim of reinvigorating user loyalty.
The tokens would serve as an additional source of income for Meta
There is no further information on this yet, although they particularly insist that they are focused on building for the metaverse, and that, in the end, includes thinking about what payments and financial services could be like within that virtual universe.
Controlling its own currency could also provide the brand with an additional source of revenue , as its core advertising-based social media business appears to be slowing down.
The stock actually plummeted by more than 20% in February after Facebook announced its first-ever quarterly decline in active users. This meant a drop of almost $200 billion (177 billion euros) in the company's valuation.
It is worth noting that Meta already bet on the Libra cryptocurrency project in 2020 , which did not come to fruition. This was mainly due to the mistrust with which it was received by
The company’s financial arm, Meta Financial Technologies , has been exploring the possibility of using a digital currency as a way forward down the path to the metaverse . Some employees are already referring to these digital tokens as “Zuck Bucks,” after the firm’s founder, Mark Zuckerberg .
Financial Times that the final product is unlikely switzerland number data to be a blockchain-based cryptocurrency. Instead, a reward system consisting of “reputation tokens” or “social tokens” is being considered. These could be earned, for example, by making valuable contributions in Facebook groups. On the other hand, there would be “creator coins” for influencers and content creators, with the aim of reinvigorating user loyalty.
The tokens would serve as an additional source of income for Meta
There is no further information on this yet, although they particularly insist that they are focused on building for the metaverse, and that, in the end, includes thinking about what payments and financial services could be like within that virtual universe.
Controlling its own currency could also provide the brand with an additional source of revenue , as its core advertising-based social media business appears to be slowing down.
The stock actually plummeted by more than 20% in February after Facebook announced its first-ever quarterly decline in active users. This meant a drop of almost $200 billion (177 billion euros) in the company's valuation.
It is worth noting that Meta already bet on the Libra cryptocurrency project in 2020 , which did not come to fruition. This was mainly due to the mistrust with which it was received by