Meta is reportedly working on new finance products, the dedicated team for the project calls it “Zuck Bucks,” according to Financial Times. Even though Instagram and Facebook’s parent company discontinued Diem cryptocurrency, they have not given up on their efforts on developing fintech products.
Is ‘Zuck Bucks’ a new cryptocurrency project from Meta?
Obviously the project is named after Mark Zuckerberg, the founder of Meta, and FT says that Meta is working on introducing in-app tokens with its “Zuck Bucks” initiative:
“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.”
Meta hasn’t completely abandoned the blockchain industry, as the firm is also investigating placing and sharing NFTs on Facebook. According to a letter from the Financial Times, Meta intends to start a pilot for enabling “membership of Facebook groups based on NFT ownership and another for minting” NFTs in mid-May.
According to the report of Financial Times, “Meta is also looking into the creation of so-called “social tokens” or “reputation tokens”, which could be issued as rewards for meaningful contributions in Facebook groups, for example.”
Meta spokesperson Lauren Dickson told The Verge that:
“We have no updates to share today, 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.”
(please let this be real)
— jack⚡️ (@jack) April 6, 2022
We will see if Zuck Bucks project ever comes to a reality or help Meta drive its success further. The former CEO of Twitter, Jack Dorsey said “insanely great” about the new project of Meta, as can be seen on the tweet above.