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As expected, social media giant Meta is about to enter the crypto market with plans to launch a Zuck Bucks token.
Meta’s plan is currently in the early stages. The move comes at a time when Facebook’s parent company is focusing on developing services around Metaverse – a virtual platform where people can interact, work and play.
According to global news agency Reuters, tokens could be a new source of income for Meta. This company can gain control of transactions across its applications and services; consists of Facebook, Instagram, WhatsApp and virtual reality platform Meta Quest.
Sheet Financial Times reported that Meta’s cryptocurrency – internally named “Zuck Bucks” – may not be based on blockchain-based technology and is intended for Metaverse.
Financial Times also information that in-app tokens controlled by Meta may be introduced. The purpose of these tokens is to pay for favorite creators or to reward users.
A Meta spokesperson revealed that the company is focused on building out the metaverse “including details on payments and financial services.”
Meanwhile, non-fungible tokens (NFTs) are also part of Meta’s ambitions. Last month, Meta CEO Mark Zuckerberg announced that Instagram will introduce NFT in the near future.
Zuckerberg hopes that Instagram users will be able to mint their own NFTs on the platform in the near future. However, “I am not ready to announce exactly what will happen today.”Zuckerberg said when he declined to specifically share when and how Meta will work.
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