Meta Platforms Inc is preparing plans to introduce virtual tokens and cryptocurrencies to its family of apps to use such virtual tokens for rewarding creators, lending, and other financial services, the Financial Times reported on Wednesday.
The move, which is said to be in the early stages, comes as Meta expands its focus on services centered on the metaverse, a virtual world where people interact, work, and play.
It could also provide Meta with a new revenue stream and more control over transactions across its suite of apps and services, which includes Facebook, Instagram, WhatsApp, and the Meta Quest virtual reality platform if it is implemented.
According to the FT report, which cited persons familiar with the matter, Meta’s currency, internally dubbed “Zuck Bucks,” is meant for the metaverse and may not be based on blockchain.
According to the report, meta might offer in-app tokens that would be centralized by the company and could be used to pay favorite Instagram creators or reward those who make remarkable contributions to Facebook groups.
Last month, Mark Zuckerberg, the CEO of Meta, stated that Instagram will introduce non-fungible tokens (NFTs) in the “near-term.”
Meta joined the Crypto Open Patent Alliance (COPA) earlier this year, a group of firms led by Block Inc’s Jack Dorsey pledged to promote open access to cryptocurrency technologies.