Meta Platforms Inc plans to introduce virtual tokens, cryptocurrencies

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Meta Platforms Inc plans to introduce virtual tokens, cryptocurrencies

The Financial Times reported on Wednesday that Reuters- Meta Platforms Inc is planning to introduce virtual tokens and cryptocurrencies to its family of apps with the aim of rewarding creators and lending and other financial services.

The move, which is reported to be in its early stages, comes as Meta grows its focus on services centered around the metaverse, a virtual environment where people interact, work and play.

If implemented, it could give Meta a new revenue channel and control over transactions in its suite of apps and services, including Facebook, Instagram, WhatsApp and the Meta Quest virtual reality platform.

The FT report said that the cryptocurrencies, called Zuck Bucks, are intended for the metaverse and may not be based on the FT, and are not backed by people familiar with the matter.

Meta could give in-app tokens that would be centrally controlled by the company, which could be used to pay favorite creators on Instagram or reward people who make meaningful contributions to Facebook groups, according to the report.

Last month, Meta said that it would introduce non-fungible NFTs in the near-term. In the past year, Meta joined the Crypto Open Patent Alliance COPA, a group of companies led by Jack Dorsey's Block Inc.