Zuck Bucks? Meta Looks At Creating Metaverse Virtual Currency

It seems there’s no stopping Meta Platforms (Nasdaq: FB) CEO Mark Zuckerberg from launching his own currency. After what many consider the fall of his cryptocurrency project Diem Association, the tech giant is reportedly working on a decentralized currency for the metaverse.

Internally, company employees are calling it “Zuck bucks”.

In a Financial Times article, Meta Financial Technologies — Facebook’s financial arm — is said to have been exploring a virtual currency to exist within the metaverse. Unlikely to be crypto-based, the digital financial system would likely be patterned after in-app tokens similar to what’s being used in popular gaming apps.

According to internal communications, Meta plans to initiate this with “social tokens” to reward valuable contributions by platform users, as well as “creator tokens” for high-clout users, similar to what YouTube and TikTok have on their respective platforms.

In Zuckerberg’s quest to make a fake currency a reality, is the third time the charm? Diem itself rose from the fall of its predecessor Libra, the cryptocurrency effort aimed to introduce stable digital currencies. However, the announcement faced scrutiny from regulators and legislators, ending up with Zuckerberg being called to testify in a US Congress hearing.

Currently, Facebook has Pay, a digital wallet for user-to-user transactions while Whatsapp has its crypto wallet Novi, on which the platform has piloted transferring stablecoin Pax Dollars through chat messages.

Zuck bucks is also not a new term. It has been used by critics of Zuckerberg related to the funds invested by the Meta CEO into non-government organizations that allegedly influenced the results of the 2020 US elections.


Information for this briefing was found via Financial Times. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Arizona Metals: The Disappointing Kay Mine Resource Estimate

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Meta Platforms Prepares for Second Round of Layoffs in Push Towards More Efficiency

Tech giant Meta Platforms (NASDAQ: META) is preparing to lay off even more staff, in...

Tuesday, March 7, 2023, 01:50:00 PM

Mark Zuckerberg Sells $134 Million Worth of Meta Shares In One Day

Meta Platforms (Nasdaq: META) founder and CEO Mark Zuckerberg celebrated Facebook’s 20th anniversary by cashing...

Friday, February 9, 2024, 09:56:53 AM

Trudeau, Who Wants To Charge Meta & Google For Sharing News, Decries Tech Giants’ “Bullying Tactics”

Prime Minister Justin Trudeau has accused technology powerhouses Alphabet (NASDAQ: GOOGL) and Meta Platforms (NASDAQ:...

Thursday, June 8, 2023, 02:05:00 PM

Three Meta Executives Identified In OnlyFans Bribery Lawsuit

Three high-level Meta Platforms (Nasdaq: META) executives have been inadvertently identified by name in a...

Thursday, October 13, 2022, 01:33:00 PM

Meta Reportedly Financed ‘Bare-Knuckle’ Campaign Against Tiktok: “From Dances To Danger”

Meta Platforms’ (Nasdaq: FB) paid Republican consulting firm Targeted Victory to push a campaign that...

Friday, April 1, 2022, 11:27:00 AM