Facebook’s parent company has laid out new plans for virtual currency, tokens and lending services for the metaverse universe despite the collapse of its cryptocurrency project.
Facebook’s financial arm, Meta Financial Technologies, aims to create a virtual currency for its metaverse platform, which even its employees refer to as “Zuck Bucks,” according to sources.
According to some sources, it is unlikely to be a blockchain-based cryptocurrency. Meta plans instead to offer in-app tokens that will be centrally controlled by the company, similar to those used in gaming apps like the Robux currency in the popular children’s game Roblox.
According to names close to the company, Meta is also considering creating so-called “social tokens” or “reputation tokens” that can be rewarded for contributions.
Meta also explores more traditional financial services, with a focus on providing small business loans at attractive rates. The company is also negotiating with potential loan partners for this.
Meta reportedly intends to launch a pilot in mid-May to post and share NFTs on Facebook.
Meta has lost more than $220 billion in market valuation since February when it announced users are spending more time on apps like TikTok. Meta is looking for new sources of income and therefore blockchain technology is also being followed closely.
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