Social media giant Facebook’s parent company, META, is planning to launch its own virtual currency as well as lending services to apps, with Facebook, WhatsApp, Instagram, and Messenger potentially being among those impacted.
This move toward tokens and digital currency is aimed at exploring alternative sources of revenue as interest in Facebook and Instagram drops.
Meta’s digital currency, which employees have reportedly internally dubbed "Zuck Bucks” after CEO Mark Zuckerberg, will be aimed at use in the metaverse.
The company is also reportedly considering creating “social tokens” for engagement rewards, as well as “creator coins" for influencers.
Previously, Meta was planning to launch an NFT pilot program as early as May 2022. Meta’s apps may be coming alongside the company exploring nonfungible token integration for Facebook and Instagram