Meta CEO Mark Zuckerberg is working on developing some virtual tokens for its metaverse. Based on reports, Zuckerberg’s intention to create new virtual tokens is to develop new revenue streams to retain and gain more users. The new development is part of Meta’s ongoing metaverse project.
Recall that in 2021, Facebook rebranded as Meta to indicate a shift into the virtual world and correlate with its new objectives of developing a better sociable universe. Not only is Zuckerberg and his team planning to introduce virtual tokens but lending services to the Meta app.
New Metaverse Coins Won’t Be Blockchain-Based
The Meta’s team has already dubbed the new coins as “Zuck Bucks.” As per reports, the new coins won’t leverage blockchain. This implies that they won’t be decentralized and would be under the control of Meta itself.
According to sources, the new virtual coins will be in the form of in-app tokens. Meta’s approach is similar to Roblox’s ROBLOX currency – the token of the popular gaming application.
In detail, “Zuck Bucks” will serve as a means of rewarding users for their contribution to the platform. In addition to these social tokens, Meta plans to develop creator coins for influencers on Instagram. These coins will also serve as a reward for influencers with the most engagement on the popular video and photo-sharing platform.
Last quarter, Meta Finance executive Stephane Kasriel explained Meta’s strategies and goals for 2021 and beyond. Kasriel said the platform is making some changes to its strategy and roadmap to enable them to focus on developing its metaverse and financial services that will be used in the virtual universe.
Meta Will Add Support for NFTs Soon
Zuckerberg has been optimistic about the potential of NFTs since their emergence. The billionaire CEO thinks that they could boost commerce and facilitate the transaction of digital goods in its metaverse. To that effect, he has asserted that the company will integrate NFTs into Instagram.
Reports suggest that Meta could launch a pilot for NFT services by mid-May. There are also some revelations that Meta will test a feature for minting NFTs alongside allowing fractionalized ownership of NFTs amongst group members on Facebook. Meta could also enable the monetization of NFTs through fees and ads.
Facebook has had its sight in the crypto sector since 2019 when it planned to launch the Libra cryptocurrency. However, the project was met with strong opposition due to regulatory reasons. Facebook had to abandon the project after failing to come to a compromise with regulators.