Facebook's Meta Prepares Its Own Money Offering Via Crypto Launch, NFTs and Small Business Loans
Facebook’s Meta Prepares Its Own Money Offering Via Crypto Launch, NFTs and Small Business Loans

Tuesday, April 12, 2022 1:42 p.m.

Mark Zuckerberg’s Meta plans its own digital currency, offered via tokens

Meta, the owner of social media giant Facebook, plans to release its own digital currency, Zuck Bucks, named after its founder Mark Zuckerberg.

Additionally, the company is also reportedly looking to launch a number of traditional banking services, such as providing small business loans.

Zuck Bucks will not be a standard cryptocurrency.

Instead, Meta plans to embed its own tokens into apps so the company will retain control of the digital currency, according to various reports, including a tech publication. Gizchina.

The post singled out the hugely successful Robux currency which is mostly used in the popular kids game Roblox. The company has built a major business selling its Robux tokens and Meta would try to replicate this success on its own platforms including Facebook, Instagram and Whatsapp.

Additionally, Meta plans to launch so-called “social tokens” as well as “reputation tokens,” which “can be a reward, for example, for meaningful contributions to Facebook groups,” according to a report in The Guardian.

Loans and NFTs

The company would also look into a number of traditional financial services, such as small business loans.

Additionally, Meta is also reportedly considering posting and sharing its own NFTs, via Facebook.

A pilot is planned for the end of next month, according to an internal memo, The Guardian reported. The company plans to run a test enabling “Facebook group membership based on NFT ownership and another for typing” NFT.

Earlier this year, in January, the FinancialTimes revealed some of Meta’s NFT plans for both Facebook and Instagram. Zuckerberg confirmed last month that NFTs are planned for Instagram.

Facebook response

Meta spokeswoman Lauren Dickson said the company could not comment at this time.

However, she confirmed that as part of developing and deploying new technologies for the Metaverse, the company is looking at payments and financial services it might use.

Facebook is keen to expand and leverage the metaverse as it could become a mainstream way to make friends and even hang out, with nearly a fifth of young people willing to ditch more conventional social media platforms.

With more than a tenth having already created their own metaverse avatar, data from Zen Internet recently highlighted that 18% of 16-24 year olds already use the virtual platform, and a quarter will spend at least an hour there by 2026.

It comes after Facebook, now run by Mark Zuckerberg’s ‘Meta’ company, lost half a million daily digital users according to its latest report, with teens down 13% since 2019 – set to fall by 45 % over the next two years.

Nearly half of 16-24 year olds recently surveyed plan to use the 3D virtual reality platform to make friends in the future, with almost 30% saying it will improve their confidence.

It’s not just about making new friends, with more than 35% of Britons surveyed preparing to date via the site, and nearly two-fifths interested in metaverse speed dating.

The research “highlights the importance of virtual interactions for the identity of the younger generation,” said Jawad Ashraf, managing director of digital collectibles platform Terra Virtua.

“It may be too early to predict exactly what the Metaverse will become, but we know it will open up whole new shopping, working, entertainment and social experiences.”

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