‘This is not an ordeal, this is real.’
Meta Platforms Inc is reportedly preparing to introduce virtual tokens and cryptocurrencies for its apps with the aim of rewarding, lenders and other financial services.
Measures that are still in the planning stage have been put forward by Meta in an effort to expand services centered around the metaverse.
If successfully implemented, it could help Meta earn new revenue and control over transactions in its applications such as Facebook, Instagram, WhatsApp and Meta Quest, the company's virtual reality platform.
Citing a source from the Financial Times, the Meta crypto rumored to be ‘Zuck Bucks’ will be used for the metaverse and may not rely on blockchain.
Clearly, Meta will also introduce in-app tokens that will be centrally controlled by the company and the tokens can be used to pay favorite content creators on Instagram or reward someone who makes a meaningful contribution in Facebook groups.
Meanwhile, a Meta spokesperson noted that for now they are focusing on building a metaverse that includes ‘the look of payment systems and financial services’.
Generally, Meta CEO Mark Zuckerberg once said that Instagram will introduce a non-fungible tokens (NFT) feature in the near future.
In addition, Meta has also joined the Crypto Open Patent Alliance (COPA) which is a group of companies led by Jack Dorsey, founder of Block Inc. that promises to promote open access to cryptocurrency technology.