According to reports, Meta, the parent company of social media giant Facebook, is planning to introduce virtual currency and lending services for its applications. Facebook, WhatsApp, Instagram and Messenger may be affected.
The move towards tokens and digital currencies aims to explore other revenue streams as interest in Facebook and Instagram wanes, the Financial Times reported on Wednesday. According to reports, Meta employees internally refer to the potential digital currency as "Zuck Bucks" (Zuck Bucks), named after CEO Mark Zuckerberg, and is intended for use in the Metaverse.
The report does not claim that Meta is exploring traditional cryptocurrencies pegged to the blockchain, but rather a centrally controlled token that will be used in its app, similar to in-game currency. The company is also reportedly considering creating “social tokens” as rewards for engagement, as well as “creator tokens” for influencers.
"We're changing our product strategy and roadmap... so we can prioritize building out the metaverse and what payments and financial services look like in this digital world," Stephane Kasriel, head of Meta's financial division, said in a January statement. wrote in a memo.
While Meta is introducing virtual currencies in its app, it is also exploring the integration of non-fungible tokens for Facebook and Instagram. The report hinted that Meta plans to launch an NFT pilot project as early as May 2022.
Cointelegraph reported in January that Meta was in the early stages of a possible launch of an NFT marketplace, while also exploring ways to allow users to mint collectible tokens. Last August, David Marcus, the co-founder of the Facebook-backed Diem token, said the company was “definitely looking” for a way into NFTs.
Facebook, which changed its name to Meta in October 2021, said at the time that its focus was expanding beyond social media. The change comes after the release of thousands of documents suggesting the company is not removing hate speech and posts that encourage violence from its platform, as it claims. Facebook lost about half a million users in the fourth quarter of 2021, while at least one expert predicts that Instagram's monthly user growth could drop from 16.5% in 2021 to 3.1% in 2025.
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