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After Diem fiasco, Meta looks at Zuck Bucks for virtual money

The virtual money that is being dubbed as ‘Zuck Bucks’ by the employees is unlikely to be a cryptocurrency.

Published:Thu, April 07, 2022 5:13pm

By Shweta Ganjoo

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Meta's cryptocurrency dreams might have ended with Diem but it is not done with virtual money yet. The company, as per a recent report by the Financial Times, is working on virtual tokens for making in-app purchases and rewarding creators.

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The virtual money that is being dubbed as 'Zuck Bucks' by the employees is unlikely to be a cryptocurrency. As per the report, the company is looking towards introducing in-app tokens that would directly be controlled by the company. "Instead, Meta is leaning towards 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," the report said.

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As per the report, Meta is exploring using these tokens as a mode of payment on its platforms. One of the use cases that the company is exploring as per the FT report is using "social tokens" or "reputation tokens" for rewarding creators or members for meaningful contributions in Facebook groups. In addition to this, Meta is also looking into traditional financial services like small business loans.

Meta hasn't shared its plans of introducing a virtual currency yet. However, in a statement to The Verge, a Meta spokesperson said that the company was working on building the metaverse. "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," the spokesperson said.

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Meta's foray in the world of cryptocurrencies had invited enough trouble for the company, so much so that the company was reportedly in talks with investment bankers on selling its intellectual property and finding a new home for the engineers who developed the technology. At the same time, Facebook founder Mark Zuckerberg has also talked about bringing NFTs to Instagram. And so, offering in-app tokens could be a way for the company to kill two birds with a single stone, that is, rewarding developers and creators on its platform with tokens that can also be used in the company's metaverse.

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