Facebook’s parent company Meta is exploring the potential of digital money referred to internally as “Zuck Bucks” in a play on the founder’s name, the Financial Times reported Wednesday.
Meta abandoned its effort to create a global cryptocurrency — first called Libra but eventually re-branded as Diem — in the face of fierce backlash by financial regulators around the world.
However, founder and chief Mark Zuckerberg has spoken about the importance of e-commerce and financial tools to his vision for an immersive online world called the metaverse.
“We continuously consider new product innovations for people, businesses, and creators,” a Meta spokesperson said in response to an AFP inquiry.
“As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like.”
The spokesperson would not comment on specific innovations being pursued.
Products being considered at Meta include digital tokens similar to those used for transactions in video games, with the internet company’s version nicknamed “Zuck Bucks” by those working on it, according to the Financial Times.
Popular games such as Fortnite and Roblox use tokens for transactions. The tokens could potentially be used to reward creators and influencers whose posts draw online audiences.
Meta is looking to diversify its revenue beyond a reliance on targeted advertising that has provoked concerns about invading users’ privacy.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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