virtual tokens that are not comparable to cryptocurrencies in preparation

Metathe parent organization behind the social media platforms Facebook, instagram and WhatsAppdevises reportedly plans for the introduction of virtual tokens that will not be blockchain-based.

virtual tokens that are not comparable to cryptocurrencies in preparation
Source: AdobeStock / Romain TALON

Called “Zuck Bucks” within the walls of Facebook, it is one of the virtual tokens designed for the meta-verse, according to a recent article in the Financial Times.

The article notes that this token would not be a blockchain-based cryptocurrency:

“Instead, Meta tends to introduce in-app tokens that would be centrally managed by the company, similar to those used in gaming apps, such as the Robux currency in children’s games. Roblox. “

Robux, the in-game currency Roblox, can be purchased through in-game apps and can then be used to pay for avatar upgrades or accessories. Roblox has built its business model around Robux, and Meta could use the same strategy.

The article adds that Meta has also drawn up plans to create “social tokens” or “reputation tokens”, rewards handed out to users for their contributions on the company’s platforms, primarily Facebook.

“Another initiative involves the development of ‘creator coins’ that can be associated with specific influencers on their Instagram photo-sharing app,” the post said.

Meta’s move away from blockchain-based tokens / cryptocurrencies comes after the company’s plan to launch a US dollar-backed stablecoin faced huge regulatory setbacks to ultimately fail. So, as mentioned, the US bank Silvergate confirmed its intention to buy Diem’s ​​intellectual property.

Meta, edited by Mark Zuckerberghas explored other sources of revenue as the popularity of its major social media products, such as Facebook and Instagram, continues to decline.

According to Meta’s results for the fourth quarter of 2021 and the full year, Facebook lost 1 million daily active users in the last quarter of 2021. And in February, Meta lost over $ 220 billion in valuation. market after Mark Zuckerberg said customers spent more time on rival platforms like TikTok.

To compensate for these losses, Meta sought to offer more traditional financial services, such as loans to small businesses at attractive rates.

“Although nothing is immediately planned, the company has already had discussions with potential lending partners,” FT said, adding that “most of these initiatives are in discussions and may change or be abandoned.”

However, the company has reportedly finalized plans to add support for non-fungible tokens (NFTs) to its social platforms, and that includes Facebook as well.

Zuckerberg revealed in mid-March that Instagram will begin supporting NFTs “over the next few months.” However, FT claims that Meta also aims to introduce NFTs to Facebook.

“Meta plans to launch a pilot project for posting and sharing NFTs on Facebook in mid-May,” the ad said.

He adds that the social platform will then begin testing a feature that can make possession of NFTs a prerequisite for joining Facebook groups.

Meta’s growing interest in the virtual world and blockchain-based innovations comes as business executives see the meta-verse as “the next chapter on the Internet.”

“We are making changes to our product strategy and roadmap […] to prioritize the construction of the meta-verse and payment and financial services in this digital universe, “he reportedly said. Stephane Kasrielthe new head of Meta’s finance department, earlier this year.

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