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Meta plans virtual currency, Creator Coins for its apps – FT – SABC News

Meta Platforms Inc is preparing plans to introduce virtual tokens and cryptocurrencies to its family of apps with the goal of using such virtual tokens for rewarding developers and for lending and other financial services, the Financial Times reported on Wednesday.

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

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

Meta’s cryptocurrencies, dubbed “Zuck Bucks” internally, are destined for the Metaverse and cannot be blockchain-based, the FT report said, citing people familiar with the matter.

Meta could introduce in-app tokens that would be centrally controlled by the company, the report said, and such tokens could be used to pay favorite creators on Instagram or reward people who make meaningful posts in Facebook groups.

Meta did not immediately respond to a Reuters request for comment. Meta Chief Executive Officer Mark Zuckerberg said last month that Instagram would be introducing “non-fungible tokens” (NFTs) “in the near term.”

Earlier this year, Meta joined the Crypto Open Patent Alliance (COPA), a group of companies led by Jack Dorsey’s Block Inc committed to promoting open access to cryptocurrency technologies.

Meta plans virtual currency, Creator Coins for its apps – FT – SABC News

Source link Meta plans virtual currency, Creator Coins for its apps – FT – SABC News

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