Zuck Bucks: Meta Set to Launch New Virtual Coin for Facebook Users
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Meta CEO, Mark Zuckerberg is looking to develop new virtual tokens nicknamed “Zuck bucks”, for Facebook and Instagram users
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The Facebook-parent company is planning to create a range of virtual products to diversify its income, amid competition from TikTok
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The Financial Times reports that Meta is considering the launch of “social tokens” and “creator coins” for its social media users
Facebook’s parent company, Meta Inc is considering the development of a virtual currency which has been dubbed “Zuck Bucks” by the employees of the company.
According to the Financial Times, sources have revealed that the virtual coin would likely not be based on the blockchain. Unlike cryptocurrencies, this token would be controlled by Meta and used in-app.
The report also alleged that the social media company is toying with the idea of “social tokens” which can be used to reward users in Facebook Groups. Another idea that was mentioned is “creator coins”, which would be associated with Instagram influencers.
The Financial Times article claims that Meta and its CEO Mark Zuckerberg are seeking alternative streams of revenue and new ways to attract customers.
Read also: Cash App Rolls Out Payment in Bitcoin and Lighting Network for Crypto
The company did not start the year on a good note, after its 2021 fourth-quarter earnings revealed that Facebook’s active users fell for the first time since the platform was launched. The result was disappointing news for investors, and caused shares to crash by more than 20%.
The Zuck Bucks token launch follows an announcement by Zuckerberg early this year that NFTs are coming to Instagram.
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