Meta Reportedly Working on Virtual Currency 'Zuck Bucks'
The currency is likely not crypto.
Meta, the parent company of Facebook and Instagram, is reportedly planning to introduce virtual currency to its apps, according to a report Tuesday by the Financial Times. Employees have internally dubbed this virtual currency "Zuck Bucks," according to the report.
The currency is reportedly unlikely to be a form of crypto based on blockchain. Instead, Zuck Bucks are more likely to work as simple in-app tokens, similar to Roblox's Robux or Fortnite's V-Bucks, according to Financial Times. This new project comes after the Meta left behind Diem, its troubled cryptocurrency project, earlier this year.
A Meta spokesperson said the company continuously considers new products. "As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like."
Meta's virtual currencies are reportedly coming in a couple of different flavors, including tokens issued as rewards for contribution in Facebook groups and coins for creators on Instagram. And beyond just virtual currencies, the company is also exploring traditional financial services, including providing small businesses with loans, according to the Financial Times. This push to find alternative revenue streams won't come from just virtual currencies: CEO Mark Zuckerberg announced last month that NFTs would be coming to Instagram.
Meta's efforts to jump into financial products and services come as Facebook and Instagram face increased competition from other social media platforms, like TikTok.