Meta may introduce tokens and digital currency lending services to apps: Report

Published at: April 6, 2022

Social media giant Facebook’s parent company Meta is reportedly planning to introduce virtual currency named after CEO Mark Zuckerberg as well as lending services to apps it owns, which may include Facebook, WhatsApp, Instagram, and Messenger. 

According to a Financial Times report on Wednesday, the move toward tokens and virtual currency is aimed at exploring alternative sources of revenue as interest in Facebook and Instagram drops. Meta’s potential virtual currency, which employees have reportedly dubbed ‘Zuck Bucks’, will be aimed at use in the metaverse.

Facebook owner Meta targets finance with ‘Zuck Bucks’ and creator coins https://t.co/IcK6oAM0J7

— Financial Times (@FT) April 6, 2022

The report does not allege Meta is exploring traditional cryptocurrencies tied to a blockchain, but rather centrally controlled tokens to be used within its apps, similar to in-game currency. The company is also reportedly considering creating ‘social tokens’ for engagement rewards, as well as ‘creator coins’ for influencers.

“We’re making changes to our product strategy and road map [...] so we can prioritize on building for the metaverse and on what payments and financial services will look like in this digital world,” said Meta’s head of finance division Stephane Kasriel in January.

Integrating virtual currencies into Meta’s apps may be coming alongside the company exploring nonfungible tokens on users’ Facebook and Instagram profiles. The report suggested Meta was planning to launch an NFT pilot program as early as May 2022.

Cointelegraph reported in January that Meta was in the early stages of potentially launching an NFT marketplace, as well as exploring methods of allowing users to mint collectible tokens. David Marcus, the co-creator of the Facebook-backed Diem token, said in August that the company was “definitely looking” at ways to get into NFTs.

Related: Vale Diem: How Facebook’s ambitious stablecoin project came to an end

Facebook rebranded to Meta in October 2021, saying at the time its focus was expanding beyond social media. The change came following the release of thousands of documents that implied the company was not doing what it claimed in regard to removing hate speech and posts encouraging violence from its platform. The number of Facebook users dropped by roughly 500,000 in the fourth quarter of 2021, while at least one expert predicted Instagram’s growth in monthly users could drop from 16.5% in 2021 to 3.1% by 2025.

Tags
Business
Tokens
Lending
Facebook
Mark Zuckerberg
Meta
Related Posts
Mark Zuckerberg’s stablecoin project Diem officially shuts down
Meta, formerly branded as Facebook, has officially announced the closure of its digital currency project Diem after years of major efforts to move forward with the initiative. Announcing the news on Monday, Diem CEO Stuart Levey confirmed that Meta is selling intellectual property and other assets related to the Diem stablecoin project to its Silvergate Capital Corporation. The Diem Association and its subsidiaries will start winding down operations “over the coming weeks,” Levey said. The association, however, is still confident that Diem’s ideals will continue to thrive even after Meta officially terminated its involvement in the project, the CEO noted: …
Adoption / Feb. 1, 2022
Meta’s Reality Labs posts $2.9B loss: ‘I recognize it’s expensive,’ says Zuck
Meta Platforms Inc., formerly known as Facebook Inc., posted its Q1 2022 earnings on Wednesday, with its Metaverse-focused Reality Labs division posting increased losses. The Reality Labs division — formerly known as Facebook’s Oculus division — has been spending increasing sums of capital on developing virtual reality and metaverse-related products, posting a $2.9 billion loss for Q1 2022. That’s 61% more than its $1.8 billion loss in Q1 2021. Overall Reality Labs revenue came in above expectations, seeing $695 million in revenue during the first quarter of this year from the sales of things like virtual reality (VR) headsets and …
Adoption / April 28, 2022
Metaverse losses top $3.6B for Meta with spending set to increase
Big Five technology player Meta is still burning cash through its Metaverse research and development arm Reality Labs with a $3.67 billion loss posted for the third quarter of 2022, stating those losses will further deepen next year. The company’s Q3 2022 earnings released on Oct. 26 show the biggest-ever quarterly losses for Reality Labs from earnings dating back to the fourth quarter of 2020, the business also made $285 million in revenue for the third quarter, its lowest on record within that time. With its Reality Labs business marking its third straight quarterly loss totaling $9.44 billion so far …
Business / Oct. 27, 2022
FTX CEO dissects Mark Zuckerberg's intent to pump $10B/year into Meta
Facebook’s rebranding into Meta was Mark Zukerberg’s latest attempt to retain dominance in the social media world of Web3, specifically, the Metaverse. On the occasion of Meta completing one year on the rebrand, Sam Bankman-Fried (SBF), the CEO of the crypto exchange FTX, shared his thoughts on the rebranding and what it means for the future of Meta. Zuckerberg’s $100 billion Metaverse experiment first raised eyebrows when the CEO released the avatar for Meta’s Horizon Worlds VR platform. Subsequent releases of the Zuckerberg avatar fell prey to internet memes, although each new iteration seemed visually better than its predecessor. According …
Adoption / Oct. 30, 2022
Facebook became Meta one year ago: Here's what it’s achieved
It’s been just over a year since social media giant Facebook rebranded as Meta at the Facebook Connect conference on Oct. 28, 2021. The name change reflected the company’s growing ambitions to transcend past social media and into the world of Web3, crypto, NFTs, and the Metaverse — virtual worlds where consumers are likely to spend more of their time for both work and play. The company has been busy. In December 2021, Meta debuted its Horizon Worlds virtual reality social networking project, while it also opened up advertising for more crypto ads on Facebook. In April 2022, reports emerged …
Adoption / Oct. 31, 2022