For Meta (formerly Facebook group), the Diem cryptocurrency project has failed. Originally unveiled with great fanfare in 2019 as a Libra project, it was unable to gain regulatory approval despite concessions made, such as a stablecoin-like cryptocurrency first pegged to the US dollar .
Notably for the metaverse, Meta has not given up on financial technologies and products based on the blockchain. The group is also preparing for the arrival of non-fungible NFT tokens in Instagram, and probably also for Facebook.
It is in this context that the FinancialTimes reports the existence of a virtual currency project that Meta is working on through its Meta Financial Technologies division. Internally, he is nicknamed Zuck Bucks… in reference to the diminutive of Mark Zuckerberg, the founder and boss of Meta.
Not a cryptocurrency
A priori, it would not be a cryptocurrency based on the blockchain. ” Meta plans to introduce in-app tokens that would be centrally controlled, similar to those used in gaming apps, such as the Robux currency in popular children’s game Roblox “, writes the Financial Times.
In addition, Meta would also work on the creation of social or reputation tokens to reward users for important contributions in Facebook groups, as well as currencies associated with certain influencers on Instagram.
Of course, there’s no telling at this point that the Zuck Bucks and the like will materialize. In a reaction obtained by The Vergea Meta spokeswoman said: ” We have no announcements to make today. We are constantly considering innovative products for individuals, businesses and creators. As a company, we are focused on building the metaverse and that includes the aspect of payments and financial services. “
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