According to a report in the Financial Times, the finance arm of Facebook’s parent company, Meta Financial Technologies, has been working on a digital currency that can be used in the “metaverse.” Employees have dubbed it “Zuck Bucks,” and it’s being called that by the Financial Times.
Sources told the magazine that the currency would most likely not be a cryptocurrency based on the blockchain. When it comes to the game Roblox, Meta would control an in-app token that would be similar to the money used in the game.
The social media company is also said to be looking into “reputation tokens,” which could be used as rewards in Facebook groups, and “creator coins,” which could be linked to Instagram influencers.
When Apple decided to make third-party apps like Facebook and Instagram ask permission before tracking users across different websites and platforms, it significantly lowered the accuracy of their ads. This has hurt Meta’s bottom line.
Meta’s currency is said to be in the planning stages and may never be used. Meta has not said whether or not the in-app token will be made.
“We don’t have any new information to share with you today,” a Meta rep said. “We continuously consider new product innovations for people, businesses, and creators. It is important to us as a company that we build things for the metaverse, which includes how payments and financial services might look in the future.