How could Mark Zuckerberg be not in the line of creating Metaverse Tokens?
In 2021, Facebook rebranded itself as ‘Meta,’ offering its biggest shift into the world of Metaverse.
As per the latest news, Meta Inc (NASDAQ: FB) plans to introduce virtual coins, metaverse tokens, and lending services to its apps.
As per the report from Financial Times, Meta chief Mark Zuckerberg is exploring alternative revenue streams to attract and retain users. Also, the company’s financial arm “Meta Financial Technologies” is looking to introduce a virtual currency to its Metaverse.
As per people familiar with the matter, Meta’s internal employees have dubbed it “Zuck Bucks” for the time being.
Although, the sources said that this wouldn’t be a blockchain-based cryptocurrency. Rather, Meta focuses on in-app tokens, which it can control centrally. Moreover, this is similar to the introduction of Roblox currency by the gaming app Roblox.
Therefore Meta is also working on creating “social tokens” or “reputation tokens”. These metaverse tokens will be a means of rewarding Facebook users and groups for their meaningful contributions.
Another plan is to have “creator coins” associated with particular influencers on its photo-sharing app Instagram.
Earlier this year, Meta’s finance division Stephane Kasriel said:
“ 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.”
NFT sharing Feature Coming to Facebook by Mid-May Along with the Metaverse Tokens
Mark Zuckerberg has been bullish about non-fungible tokens (NFTs). He believes that they could serve as potential means of transacting commerce and digital goods in the Metaverse. Also, Zuckerberg has confirmed that they would add support for NFTs in the company’s Instagram app.
People familiar with the matter said that Meta might launch a pilot for posting and sharing NFTs on Facebook by mid-May 2022.
Facebook may later test a feature for allowing Facebook Group memberships for NFT owners and minting new NFTs.
In addition, Sources said that Facebook could monetize NFTs via “fees or ads” in the future.
Lastly, we can say this won’t be the first time that Facebook is venturing into the world of virtual currencies by introducing Metaverse Tokens. Back in 2019, Facebook planned for its Libra cryptocurrency; however, it dropped the project after solid regulatory backlash.
