- Meta has plans to create and introduce digital tokens as a form of in-app virtual currency to its suite of social media apps, according to a new report from the Financial Times
- The move will create a new revenue stream for the tech company as it builds services around the ‘metaverse’
- Meta may introduce virtual coins, tokens, and lending services to its platforms, though the crypto assets are unlikely to be based on blockchain technology
- Meta may also introduce “social” or “reputation” tokens that would be issued as rewards to users for meaningful contributions to the social media platforms
- The news follows an announcement from CEO Mark Zuckerberg that Instagram would be introducing non-fungible tokens (NFTs) in the “near term”
Tech giant Meta has drawn up plans to create and introduce digital tokens as a form of in-app virtual currency to its suite of social media apps that include Facebook, Instagram and WhatsApp, according to a new report from the Financial Times.
The move, which would see virtual coins, tokens, and lending services added to Meta’s platforms, will create a new revenue stream for the tech company as it builds services around the ‘metaverse’: a virtual world where people can work, talk and play.
At this stage, it’s unlikely the virtual currency will be based on blockchain technology, the FT report said. Rather, Meta’s in-app tokens would be centrally controlled by the company.
Meta employees have internally dubbed the tokens “Zuck Bucks” after Meta chief Mark Zuckerberg, according to the Financial Times, citing sources close to the matter.
Meta has also floated introducing “social” or “reputation” tokens, according to the report, that would be issued as rewards to users for meaningful contributions to the social media platforms.
Similarly, the company may introduce “creator coins” to be issued to social media influencers and content creators.
Meanwhile, Meta has also been exploring offering more traditional financial services, with a particular focus on small business loans.
The FT said most of these plans were still in their early stages of discussions and could change or be dropped.
The news follows a more concrete announcement from Mr Zuckerberg that Instagram would be introducing non-fungible tokens (NFTs) in the “near term”, though a solid timeline for the crypto addition to the social media service is still uncertain.