Meta (formerly known as Facebook) is planning to integrate cryptocurrencies , tokens and lending services to its applications. Mark Zuckerberg is exploring different methods of retaining and attracting new users to the social media platform.
The popularity of Facebook and Instagram is declining, which may require more effort from Meta to sustain the social media platforms. The Financial Times reported that a new metaverse currency is being discussed, dubbed internally as 'Zuck Bucks'.
As opposed to traditional tokens, Meta's tokens are expected to be controlled by the company (without a blockchain ). The tokens may be similar to Robux, the native currency of Roblox.
Additionally, 'Social tokens' may be introduced. The planned tokens may be used as a reward for contribution to Facebook groups (for example). Another possibility is 'creator coins,' which may be awarded to Instagram influencers.
To enter the financial services market, Meta is weighing the possibility of offering lending services to small businesses at low rates. At the time of writing, the innovative ideas were only discussed and may be dropped at any time.
However, non-fungible tokens (NFTs) are expected to support Instagram by the end of May 2022. NFTs may be monetized at a future date.
Meta Is Losing Its Market Value
Meta lost more than $200 billion of its market valuation in February 2022. Users are spending more time on Meta's competitors such as TikTok. Seeking other sources of income is becoming a must for the company.
Meta's cryptocurrency project, Diem, was unable to obtain the approval of US regulators. The project was later sold to Silvergate. David Marcus along with the main engineers and employees of the compliance and almost all of the legal department left the company.
Those that remained are looking into ways of offering a digital token in the least regulated method. David Marcus has been replaced by Kasriel who is currently leading Meta's approach to digital payments.
