Meta Eyes Creation of In-app Virtual Coin Among Other Metaverse Initiaitives

Facebook’s parent company Meta is looking into the development of a centralized in-app virtual coin — referred to as “Zuck Bucks” by employees —, instead of a cryptocurrency, to be used within the metaverse. The company is still set on the creation of tokens despite the flop of its Diem (formerly Libra) stablecoin, the assets of which have since been sold to Silvergate Bank earlier this year.

According to a report, Meta is planning to release various virtual coins including social tokens, reputation tokens, and creator coins based on company memos as well as anonymous sources. However, it should be noted that the project is very much in its nascent stage meaning it is still subject to changes or it could be dropped entirely. “Staffers are now trying to find the least regulated way to offer a digital currency, two people said, with a digital token that is not based on the blockchain emerging as the most attractive option,” the report stated. Additionally, the company is also eyeing an exploration into traditional financial services, such as small business lending.

“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,” explained a company spokesperson. Meta’s Facebook and Instagram, likewise, have plans to support NFTs in their platforms — with a May pilot launch for NFT posting targeted for the former — alongside the monetization of blockchain-based assets.

The company’s moves plans had earlier received criticism as it presented a threat to the open metaverse. “Facebook is looking to build a closed metaverse, one where they control the data and the network effects that the data derives, so what they are building is less competition than simply antithetical to what we are doing,” explained Animoca Brands chief executive Yat Siu. This has led certain Web3 companies to strive for an open-source metaverse, going against the tech giant’s vision.

Sources: CoinDesk, Decrypt