Meta plans virtual currency and creative coins for its apps

Meta Platforms Inc is preparing plans to introduce virtual tokens and cryptocurrencies into its app family. The goal is to use these virtual tokens to reward creators and loans and other financial services, the Financial Times reported on Wednesday.

The move, believed to be in its early stages, comes as Meta focuses more on services centered around the Metaverse, a virtual environment where people interact, work and play.

If implemented, it could also give Meta a new revenue channel and control over transactions across its suite of apps and services, which include Facebook, Instagram, WhatsApp and the virtual reality platform. Meta Quest.

Meta’s cryptocurrencies, internally dubbed “Zuck Bucks,” are for the Metaverse and may not be blockchain-based, according to the FT report, citing people familiar with the matter.

Meta could introduce in-app tokens that would be centrally controlled by the company, according to the report, and these tokens could be used to pay favorite creators on Instagram or reward people who make meaningful contributions in Facebook groups. .

“We don’t have any updates to share today,” a spokesperson for Meta told Reuters on Wednesday, adding that the company is focused on building for the metaverse “and that includes what payouts might look like. and financial services”.

Mark Zuckerberg, CEO of Meta, said last month that Instagram would introduce non-fungible tokens (NFTs) in the “short term”.

Earlier this year, Meta joined the Crypto Open Patent Alliance (COPA), a group of companies led by Jack Dorsey’s Block Inc that is committed to promoting open access to cryptocurrency technologies.

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