Meta, Facebook’s parent company, is considering introducing virtual coins “Zuck Bucks,” to help reward users of its social media platforms. This, according to the company, is among new revenue alternatives that will help to keep it sustainable as its $118bn-a-year ad-based business model takes a hit.
This is not the first time Meta (formerly Facebook) is experimenting with virtual currency. The company recently sold its “Diem” digital currency after running into hardships with regulators. It has been working on the currency since 2019 but sold it to Californian bank Silvergate, after a refusal by regulators to give the pilot a go-ahead, citing monetary stability and competition concerns.
The new approach by Meta would introduce in-app tokens, a concept borrowed from the gaming world where such currency is popular, reports the Financial Times.
Further reports indicate that the company is exploring the creation of “social tokens” or “reputation tokens” aimed at rewarding meaningful contributions in Facebook groups among other uses. The other approach, according to insiders, could be use of “creator coins” for Instagram influencers. There is also talk about creating a lending platform for small businesses.
The company announced earlier that NFTs would soon be available on Instagram. NFT or non-fungible token. NFTs allows users o buy and sell ownership of unique digital assets and keep track of their ownership through blockchain platforms.
Meta spokesperson Lauren Dickson said, “We continuously consider new product innovations for people, businesses, and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like,”
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