Facebook works with “Zuck Bucks”, the currency of the metaverse: why isn’t it a traditional cryptocurrency

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The Zuck Bucks, Meta’s official currency. Photo by Reuters

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Meta Financial Technologies, Facebook’s financial arm, doesn’t want to miss the cryptocurrency bandwagon. The company seems to be working on a new digital asset called zuck bucksa token that may have a different strategy than Diem (Libra), his failed stablecoin project.

And even if Meta gave his cryptocurrency Diem, he would not give up on financial territory. The major companies Facebook and Instagram seem to have several projects, including that virtual currency employees have started calling it “Zuck Bucks”.

And while the coin is unlikely to launch under that denomination, it’s not considered a pejorative moniker – that’s what Meta CEO and founder Mark Zuckerberg himself calls inside.

The Zuckerberg -led company is looking for alternative revenue streams and new features that can attract and retain users as they grow. reduces the popularity of its main products of social networks, a trend that threatens its 118 billion revenue each year.

Fantasy representation on Zuckerberg coins.

Fantasy representation on Zuckerberg coins.

According to some reports, “This is probably not a traditional blockchain-based cryptocurrency”. Meta relies on the introduction of tokens in that application is centrally controlledsimilar to those used in applications and video games.

What is clear is that they do not want it to be a cryptocurrency, but rather something more like a virtual token, as happens with Fortnite V-Bucks or on Robux offered at Roblox.

Ever since he stepped into the stock market, Roblox has seen meteoric growth. And as was the case with Fortnite, which opted for the ‘game as a service’ model and included virtual currencies to be exchanged for digital products on the platform, Meta will be interested in generating its own money.

The idea is not new, even for Facebook, which launched its Facebook Credits in 2009. This virtual currency allows users to buy games like FarmVille. Although the experiment had little success, it was eventually abandoned in 2013 because it was too expensive to maintain.

So far they haven’t given further details on what these Zuck Bucks will look like, but that’s definitely it. They will be one of the pillars of the metaversebecause it could be the official currency within the virtual universe, where payments for services and products can be made using Zbucks.

Will NFTs go to Facebook?

From Meta they analyze to implement a system of rewards.  Photo by Reuters

From Meta they analyze to implement a system of rewards. Photo by Reuters

In turn, Meta explores “social tokens” or “reputation tokens,” which “can be given as rewards for significant contributions to Facebook groups, for example,” the FT reports.

The company is also reported to be looking at traditional financial services, such as small business loans.

Meanwhile, major companies Facebook and Instagram continue to work on other metaverse and blockchain -related services. Theirs, the possibility to sell and buy non-fungible tokens (NFT) within Facebook.

The integration of NFTs into their apps seems imminent on both Instagram and Facebook: a pilot project for the latter could begin in mid -May.

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Source: Clarin

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