Cryptocurrencies, Meta tries again: the “Zucks bucks” arrive
After the sinking of the Libra project, the social media giant is working on metaverse tokens that require an entire infrastructure, including currencies
07 Apr 2022
Veronica Balocco
Only last January you announced your farewell to Libra (renamed Diem), your own stablecoin that would open the world of cryptocurrencies to the general public. Today Meta returns to the office: despite the failure of the original project, in fact, the parent company of Facebook would be working on the creation of a virtual currency and other financial services. This was reported by the Financial Times, which explains that the project is part of the construction of the metaverse, a parallel universe of virtual worlds that requires an entire infrastructure, including currencies. According to the FT, the new tokens were nicknamed “Zuck bucks” (“Zuck’s dollar”, short for Mark Zuckerberg, founder and head of Meta) by employees.
Index of topics
• The creation of tokens that act as a currency is planned
• Control over transactions in the app suite
The creation of tokens that act as a currency is planned
Libra, the cryptocurrency project that launched with great fanfare in 2019 and then crashed, was supposed to offer a new payment method outside of traditional banking channels, but had drawn opposition from central banks, regulators and politicians, concerned about the risks to the stability of the financial system, the fight against money laundering and the protection of personal data.
According to the Financial Times, this time Meta does not plan to create cryptocurrencies registered on the blockchain, but rather tokens that act as currency, as in some video games, for example Robux from Roblox or V-Bucks from Fortnite. The Californian group would also work on “social tokens”, which would be given to users to reward important contributions, or currencies linked to certain influencers on Instagram, as a means for creators to monetize their content. Like Google and Twitter or other platforms such as TikTok, Meta is therefore seeking to diversify its revenue streams beyond personalized and targeted advertising as this business model is questioned, even by regulators concerned about the protection of personal data. users.
Control over transactions in the app suite
The move, rumored to be in its early stages, comes as Meta increases its focus on services focused on the metaverse, a virtual environment in which people interact, work and play. If implemented, it could also provide Meta with a new revenue channel and transaction control across its suite of apps and services, which include Facebook, Instagram, WhatsApp, and the Meta Quest virtual reality platform. Mark Zuckerberg, chief executive of Meta, said last month that Instagram will introduce non-fungible tokens (NFTs) in the “next term”.
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