Meta is reportedly seeking alternative revenue streams and ways to attract users, looking at the introduction of virtual currency.
According to a new report from Financial Times, Meta Financial Technologies, the Facebook parent company’s finance arm, has been developing a digital currency to be used in the metaverse which is dubbed “Zuck Bucks” by company employees.
Sources told the publication that the currency would likely not be a cryptocurrency based on blockchain technology. Instead, it would be an in-app token controlled by Meta, similar to the currency used in the popular game Roblox.
The social media company is also reportedly looking at “reputation tokens,” which could be used as rewards within Facebook groups, and “creator coins” that could be associated with particular Instagram influencers.
Apple’s decision to make third-party apps like Facebook and Instagram ask users for permission before tracking them across different websites and platforms has significantly decreased the accuracy of their ads, negatively affecting Meta’s bottom end.
Meta’s currency is reportedly still in planning, and may never even be implemented. Meta has declined to confirm or deny the development of the in-app token.
“We have no updates to share today,” a Meta spokesperson said. “We continuously consider new product innovations for people, businesses, and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like.”