Meta plans to explore the launch of the Metaverse virtual currency: Zack Coin

Following the acquisition of the Libra (Diem) project, Meta turned to a new virtual currency - Zuck Bucks.

According to the Financial Times, Meta Platform is planning to introduce virtual tokens and cryptocurrencies into its applications, with the goal of using these virtual tokens to reward creators or for loans and other financial services. If implemented, it means that META is one step closer to Zuckerberg's "Metaverse Dream".

It is reported that several people familiar with the matter revealed that Meta Financial Technologies, the financial arm of Facebook, has been exploring the creation of a virtual currency for the company, internally called "Zuck Coin", which is designed specifically for the Metaverse but may not be based on blockchain.

Meta also plans to reward users who make significant contributions on the platform, such as Facebook Groups and creators on Instagram, with “social tokens” or “reputation tokens.”

The Financial Times analysis believes that Meta is inclined to introduce in-app tokens that are centrally controlled by the company, similar to the tokens used in game applications, such as Roblox.   Robux coin.

If the plan goes ahead, Meta could also gain a new revenue channel and control transactions across its family of apps and services, which include Facebook, Instagram, WhatsApp and the Meta Quest virtual reality platform.

It is worth noting that Meta has not given up on the crypto market. It was previously reported that Meta was considering publishing and sharing NFTs on Facebook. The project plans to launch a pilot in mid-May, and soon after, Meta will test Facebook group memberships that allow NFT ownership and minting. In addition, Zuckerberg said last month that he plans to integrate NFTs into Instagram in the "short term."

In addition, affected by the business transformation, Meta announced that it will not hold the 2022 F8 Developer Conference this year. It is reported that the cancellation is not due to the epidemic, but the company will focus on the "metaverse". Meta said that the company is preparing for the next chapter of the Internet and our company, that is, building the metaverse. Similar to the early stages of the Internet, the construction of the metaverse will be a phased collaborative effort.

As an alternative to F8, Meta noted that it will hold its first business information conference, "Conversations," on May 19, and another Connect event later this year that will focus on the company's "virtual reality, augmented reality and metaverse platform products."