Meta plans to introduce a virtual currency for rewarding creators on its apps: Reports
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Meta plans to introduce a virtual currency for rewarding creators on its apps: Reports

Meta plans to introduce a virtual currency for rewarding creators on its apps: Reports.

Meta Platforms Inc is preparing plans to add virtual tokens and crypto to its app family. This will allow it to reward creators and lend to other financial services. Financial Times reports.

According to reports, the movie is still in its early stages. Meta focuses more on services that are centered around the metaverse. This is a virtual world where people can interact, work, and play.

It could give Meta new revenue channels and control over transactions within its suite of apps and services. Instagram, WhatsApp, and the Meta Quest virtual-reality platform.

Meta’s cryptocurrencies are internally called “Zuck Bucks” and are meant for the metaverse. According to the FT report, people familiar with the matter said they might not be based on blockchain.

The report suggested that Meta could introduce app tokens centrally managed by the company. These tokens could be used for paying favorite creators on Instagram or to reward people who make meaningful contributions via Facebook groups.

A Meta spokesperson said that they have no updates to share with Reuters today and that the company’s focus is on building for the metaverse. This includes how payments and financial services might look.

Mark Zuckerberg, Chief executive officer at Meta, stated last month that Instagram would introduce non-fungible tokens in the “near term.”

In January, meta joined the Crypto Open Patent Alliance, a group of companies headed by Jack Dorsey’s Block Inc. It has pledged open access to cryptocurrency technology technologies.

Meta plans to introduce a virtual currency for rewarding creators on its apps: Reports
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