Meta has drawn up plans to introduce virtual coins, tokens and lending services to its apps, as Facebook’s parent company pursues its finance ambitions despite the collapse of a project to launch a cryptocurrency. The company, led by chief executive Mark Zuckerberg, is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram – a trend that threatens its $118 billion (€108 billion)-a-year ad-based business model. Facebook’s financial arm, Meta Financial Technologies, has been exploring the creation of a virtual currency for the metaverse, which employees internally have dubbed “Zuck Bucks”, according to several people familiar with the efforts. This is unlikely to be a cryptocurrency based on the blockchain, some of the people said. Instead, Meta is leaning towards introducing in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps such as the robux currency in popular children’s game Roblox. According to company memos and people close to the plans, Meta is also looking into the creation of “social tokens” or “reputation tokens”, which could be issued as rewards for meaningful contributions in Facebook groups,…
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Facebook owner Meta targets finance with 'Zuck Bucks' and creator coins – The Irish Times
