- Facebook’s parent firm Meta to roll out its own digital money “Zuck Bucks”
- Facebook to use the tokens to reward its creators and influencers whose content draw audiences to its platform online
- Meta is looking to diversify its revenue beyond targeted advertising
Meta, Facebook’s parent organisation, is now exploring the potential of digital money which the company is internally referring to as the “Zuck Bucks” in a play of its founder’s name – March Zuckerberg – to reward content creators, as per the Financial Times report on Wednesday.
Meta recently abandoned all of its effort of creating create a global cryptocurrency — first called Libra which was eventually re-branded as Diem — as the company faced some aggressive backlash from financial regulators from around the globe.
Having said this, the Chief Executive Officer (CEO) and Founder of Meta, Mark Zuckerberg has been vocal about the importance of the financial as well as the e-commerce tools to his vision for an immersive online world called the metaverse.
Responding to an AFP enquiry, a Meta spokesperson said, “We continuously consider new product innovations for people, businesses, and creators”.
The spokesperson added that “As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like.”
The spokesperson, however, remained mum when asked about the specific innovations being pursued at Meta.
As per the Finanical Times, currently the products that are being considered at Meta include digital tokens which would work similarly to those used for transactions in video games like Fortnite, with the internet company’s version nicknamed “Zuck Bucks” by the people who are working on it.
Games popular in the domain like Fortnite and Roblox use tokens for transactions. For Meta, its token could potentially be used to reward the creators and influencers whose content draws audiences to the company’s platforms online.
Meta is also looking to diversify its revenue beyond a reliance on targeted advertising that has provoked concerns about invading users’ privacy.