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Facebook May Tackle the Metaverse’s First Problem: Currency

The Meta logo over the starship Enterprise from 'Star Trek'
Rob Lavers RIBA ARPS/Shutterstock.com

Mark Zuckerberg and Meta could be working on a new virtual currency, nicknamed “Zuck Bucks” by some internal teams, in an effort to tackle an essential step for the Metaverse.

According to a new Financial Times report, these creator coins or digital tokens could be a currency for users on Facebook and Instagram, but it’s not what you think. The report says this is “unlikely” to be a cryptocurrency and instead more of a digital currency specifically for its platform and users.

Imagine something similar to V-bucks for Fortnite or Robux in the kid’s game Roblox. This would allow Meta to introduce several payment systems, “social tokens” or “reputation tokens,” and more than the company can control itself. These are hugely popular for the two games mentioned above and would be a giant step for Zuckerburg’s Metaverse plans.

While Facebook’s Diem cryptocurrency project is dead, its ambitions with Blockchain products and digital currencies are still high. We already know Meta plans on testing the option to share NFTs on the social network, with NFT groups and even the option for minting NFTs, so some type of currency makes sense.

When asked about “Zuck Bucks” by The Verge, a Meta spokesperson had this to say: “We continuously consider new product innovations for people, businesses, and creators. As a company, we are focused on building for the Metaverse and that includes what payments and financial services might look like.”

Zuck Bucks could be a way for Facebook and Metaverse users to tip their favorite creators, similar to tips on Twitch or TikTok, but we’ll have to wait and see. The report from Financial Times even goes as far as saying Meta is looking into traditional financial services like small business loans.

Either way, it sounds like Meta could be exploring ways to further monetize its user base with in-app purchases, creator coins, tips, and more as it builds a currency for the Metaverse, all while reducing its dependence on advertising.

via The Verge

Cory Gunther Cory Gunther
Cory Gunther has been writing about phones, Android, cars, and technology in general for over a decade. He's a staff writer for Review Geek covering roundups, EVs, and news. He's previously written for GottaBeMobile, SlashGear, AndroidCentral, and InputMag, and he's written over 9,000 articles. Read Full Bio »