(FT) Facebook’s parent Meta plans to introduce virtual coins, tokens, and lending services that will be offered via its apps.
Dubbed “Zuck Bucks,” the virtual currency reflects Meta’s push into the metaverse, with the company’s Meta Financial Technologies in charge.
The tech giant also eyes the so-called “social tokens” or “reputation tokens” that are likely to be issued as rewards for meaningful contributions in Facebook groups. Meta will also come up with “creator coins” associated with specific influencers on Instagram.
The virtual tokens will reportedly not be based on blockchain. The in-app tokens will be centrally controlled by the Meta.
The move by Meta comes as CEO Mark Zuckerberg seeks alternative revenue streams and a way to attract and retain users as its social networking products experience declines. The tech giant is also seeking to pilot an NFT on Facebook in mid-May.
Meta has also been exploring traditional financial services as it seeks to enable small businesses to get loans at attractive rates.
The push into new products and services by Meta has, however, been hit with regulatory scrutiny, with the company abandoning its Diem project after anti-monopoly concerns.
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