Meta is reportedly looking to offer in-app virtual tokens

Hoping to become a metaverse giant in the future, tech conglomerate Meta is looking at offering centrally-administered in-app crypto tokens for its various platforms, the Financial Times (FT) reported Wednesday.

Citing sources familiar with the matter, the report revealed Meta’s prospects of creating virtual tokens, or ‘Zuck Bucks’ as called by Meta internal staffers, for use in the metaverse. The latest financial product may move across its various social media apps, such as Instagram, Facebook, and Whatsapp, for rewarding creators, lending, or related financial offerings.

Meta’s prospects of launching a new token serve as a backdrop to its recently abandoned stablecoin project Diem, formerly known as Libra. After working on the project for nearly six years, Meta sold the assets and intellectual property (IP) rights to Silvergate Bank after failing to gain approval from regulators.

When approached by various media outlets, a Meta spokesperson said in response that they “have no updates to share today.” They noted:

“We continuously consider new product innovations for people, businesses and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like.”

Meanwhile, the company has not completely removed itself from the blockchain industry. According to a memo seen by the FT, Meta will soon integrate NFTs on Facebook with a pilot program expected to launch in May this year. Additionally, Instagram’s chief executive Adam Mosseri revealed in an Instagram story last December that his team is “actively exploring NFTs.”

With the latest move, Meta is seemingly diversifying its revenue options away from targeted advertising sales. Facebook, Mark Zuckerberg’s first social networking platform, has been reporting a fall in daily active users since the fourth quarter of 2021.

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