Meta may introduce tokens and digital currency lending services to apps: Report

Social media elephantine Facebook’s genitor institution Meta is reportedly readying to present virtual currency named aft CEO Mark Zuckerberg arsenic good arsenic lending services to apps it owns, which whitethorn see Facebook, WhatsApp, Instagram, and Messenger. 

According to a Financial Times study connected Wednesday, the determination toward tokens and virtual currency is aimed astatine exploring alternate sources of gross arsenic involvement successful Facebook and Instagram drops. Meta’s imaginable virtual currency, which employees person reportedly dubbed ‘Zuck Bucks’, volition beryllium aimed astatine usage successful the metaverse.

Facebook proprietor Meta targets concern with ‘Zuck Bucks’ and creator coins https://t.co/IcK6oAM0J7

— Financial Times (@FT) April 6, 2022

The study does not allege Meta is exploring accepted cryptocurrencies tied to a blockchain, but alternatively centrally controlled tokens to beryllium utilized wrong its apps, akin to in-game currency. The institution is besides reportedly considering creating ‘social tokens’ for engagement rewards, arsenic good arsenic ‘creator coins’ for influencers.

“We’re making changes to our merchandise strategy and roadworthy representation [...] truthful we tin prioritize connected gathering for the metaverse and connected what payments and fiscal services volition look similar successful this integer world,” said Meta’s caput of concern part Stephane Kasriel successful January.

Integrating virtual currencies into Meta’s apps whitethorn beryllium coming alongside the institution exploring nonfungible tokens connected users’ Facebook and Instagram profiles. The study suggested Meta was readying to motorboat an NFT aviator programme arsenic aboriginal arsenic May 2022.

Cointelegraph reported successful January that Meta was successful the aboriginal stages of perchance launching an NFT marketplace, arsenic good arsenic exploring methods of allowing users to mint collectible tokens. David Marcus, the co-creator of the Facebook-backed Diem token, said successful August that the institution was “definitely looking” astatine ways to get into NFTs.

Related: Vale Diem: How Facebook’s ambitious stablecoin task came to an end

Facebook rebranded to Meta successful October 2021, saying astatine the clip its absorption was expanding beyond societal media. The alteration came pursuing the merchandise of thousands of documents that implied the institution was not doing what it claimed successful respect to removing hatred code and posts encouraging unit from its platform. The fig of Facebook users dropped by astir 500,000 successful the 4th fourth of 2021, portion astatine slightest 1 adept predicted Instagram’s maturation successful monthly users could driblet from 16.5% successful 2021 to 3.1% by 2025.