Meta Considering Launching "Zuck Bucks" Cryptocurrency in the Metaverse
Meta, the parent company of social media giant Facebook, is exploring the possibility of launching its own cryptocurrency, this time not in a regulated traditional market, but in the metaverse. As interest in Facebook and Instagram among users declines, the company aims to explore alternative sources of income by introducing tokens and digital currency into its ecosystem and providing lending services for apps including Facebook, WhatsApp, Instagram, and Messenger.
"We are making changes to our product strategy and roadmap so we can prioritize building the Metaverse and how payments and financial services will look like in this digital world,"Kasriel said.
Creating a Cryptocurrency in the Metaverse
The head of the financial division of Meta, Stephane Kasriel, said at the beginning of the year that the company is exploring the possibilities of creating a cryptocurrency in the metaverse. "We are making changes to our product strategy and roadmap so we can prioritize building the metaverse and how payments and financial services will look like in this digital world," Kasriel said.
Opportunity to Circumvent Restrictions of Regulators
Perhaps Mark Zuckerberg decided to take advantage of the unregulated market of the metaverse to realize his project to create a cryptocurrency for the ecosystem of his products. Given the predictions of the integration of the metaverse into the traditional financial system, there is an opportunity to circumvent the restrictions of regulators by launching your own cryptocurrency even before this integration.
NFT Pilot Program
The introduction of cryptocurrencies into Meta applications may occur simultaneously with the study of the integration of non-fungible tokens (NFTs) for Facebook and Instagram. Meta plans to launch an NFT pilot program as early as May 2022. In March, Meta founder Mark Zuckerberg told the South by Southwest (SXSW) conference that the company would complete work on integrating NFT into Instagram in the "near future."
Meta's exploration of launching its own cryptocurrency in the metaverse demonstrates the company's intention to explore alternative sources of income and prioritize building the metaverse. The potential Meta cryptocurrency, "Zuck Bucks," could be used in the metaverse and Meta's applications, including Facebook, WhatsApp, Instagram, and Messenger. The company is also considering creating "social tokens" and "coins for authors" and influencers. With the NFT pilot program set to launch in May 2022, Meta's entry into the cryptocurrency market could soon become a reality.