07.04.2022 IT IT Tech

Meta: the potential creation of "Zuck Bucks" virtual coins

The Financial Times (FT) has revealed that Meta, owned by Mark Zuckerberg, might have plans to introduce virtual coins for the Metaverse. They are known under “Zuck Bucks” within the Meta employees.

In spite of the failed Diem project in 2019, Zuckerberg has apparently not lost hope in creating its own virtual coins. This innovation would not present as a cryptocurrency, but instead to “[introduce] in-app tokens that would be centrally controlled by the company”, according to the FT. Thus, this idea would be to create tokens similar to the robux currency, used to buy items in the Roblox game.

Meta is working on the creation of “social tokens” or “reputation tokens”. This could notably serve as a rewarding currency for meaningful contributions on Facebook. Another work in progress is the development of “creation coins” so as to reward specific influencers on Instagram. As it happens, NFTs would be usable on the platform in the near future.

TikTok has already launched its in-app currency, paid for with real money. Then, this currency can be used to buy gifts for their favorite creators on the platform. This also works the other way around, in the sense that TikTok creators can use coins so as to boost their content on the platform. Similarly, the Twitch platform also provides a rewarding system where users can tip streamers.

Although Meta has not yet confirmed the current rumors regarding the development of these “Zuck Bucks”, it shows its willingness to truly step into the NFTs’ world.