Having sold its Libra cryptocurrency technology after being slapped down by federal authorities, Meta is exploring other, non-crypto currency options as new revenue channels.
Meta is “leaning toward introducing in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps, such as the Robux currency in popular children’s game Roblox,” according to FT.
Meta’s virtual currency staff have reportedly dubbed the tokens “Zuck Bucks,” after Meta CEO Mark Zuckerberg.
Meta, which last year said it was “exploring” NFTs, is moving forward on that front as the company races to position itself as ruler of the metaverse.
In January, FT reported that the company was working on NFT integrations for Instagram and Facebook, and last month, at South By Southwest, Zuckerberg mentioned work on letting the platforms’ users incorporate and possibly mint NFTs. FT said an NFT marketplace might possibly be on the horizon.
Now, according to an internal memo, Meta is actually prepping a pilot, set for mid-May, to test using Facebook to post and share NFTs, per the report.
Meta is also reportedly exploring “social” or “reputation” tokens that could be used as rewards for meaningful engagement on the platforms—and also the potential for offering traditional financial services like loans.
Meta, which is under unprecedented pressure to diversify as its core Facebook platform loses share to TikTok and other social media, isn’t commenting on the latest report about its currency development directions.