Meta Plans Virtual Currency, Creator Coins For Its Apps – FT

The Financial Times reported on Wednesday that Meta Platforms Inc is preparing plans to integrate virtual tokens and cryptocurrencies to its family of applications, with the goal of using such virtual tokens for rewarding creators, lending, and other financial activities.

The move, which is said to be in the early stages, comes as Meta expands its emphasis on services based on the metaverse, a virtual world where people socialize, work, and play.

It may also provide Meta with a new income stream and more control over transactions across its suite of applications and services, which includes Facebook, Instagram, WhatsApp, and the Meta Quest virtual reality platform, if it is adopted.

According to the FT story, which cited persons familiar with the situation, Meta's cryptocurrencies, internally called "Zuck Bucks," are meant for the metaverse and may not be based on blockchain.

According to the article, Meta might offer in-app tokens that would be centralized by the firm and could be used to compensate popular Instagram producers or reward those who make noteworthy contributions in Facebook groups.

"We have no developments to give today," a Meta spokeswoman said on Wednesday, adding that the business is focusing on developing for the metaverse, which "including what payments and financial services may look like."

Last month, Mark Zuckerberg, the CEO of Meta, said that Instagram would include non-fungible tokens (NFTs) in the "near-term."

Meta joined the Crypto Open Patent Alliance (COPA) earlier this year, a group of firms headed by Block Inc's Jack Dorsey that has promised to encourage open access to cryptocurrency technology.