Meta, the Facebook and Instagram parent firm, is likely working on "Zuck Bucks" in its attempt to venture into financial services.
In this illustration photo taken in Los Angeles on October 28, 2021, a person watches on a smartphone Facebook CEO Mark Zuckerberg unveil the META logo. - Facebook chief Mark Zuckerberg on Thursday announced the parent company's name is being changed to "Meta" to represent a future beyond just its troubled social network. The new handle comes as the social media giant tries to fend off one its worst crises yet and pivot to its ambitions for the "metaverse" virtual reality version of the internet that the tech giant sees as the future.
Meta's Zuck Bucks
It comes months after Diem cryptocurrency, which was backed by Facebook, was blocked by regulators, ending the first crypto attempt of Meta CEO, Mark Zuckerberg.
As per a news story by The Verge, it appears that Meta is now moving forward to a new finance project after its failed Diem crypto stint.
The Facebook and Instagram parent firm is reportedly working on a project that carries the name of the CEO and founder of Facebook.
A person walks past a newly unveiled logo for "Meta", the new name for Facebook's parent company, outside Facebook headquarters in Menlo Park on October 28, 2021. - Facebook changed its parent company name to "Meta" on October 28 as the tech giant tries to move past being a scandal-plagued social network to its virtual reality vision for the future.
However, The spokesperson of Meta, Lauren Dickson, spoke with The Verge without confirming or denying the rumored Zuck Bucks project.
The Meta spokesperson told the news outlet that: "We have no updates to share today."
In addition to that, Dickson also stated that Meta "continuously considers new product innovations for people, businesses, and creators."
The spokesperson went on to add that the tech giant is focusing its efforts to build a metaverse, which will have both financial and payments services.
Zuck Bucks: What is it
The news outlet noted that Zuck Bucks is reportedly unlikely to be another crypto project.
According to a recent report by Financial Times, Meta is working on Zuck Bucks to become an in-app virtual token.
Essentially, it would only work inside the platforms of Meta. On top of that, the tech giant would also centrally control the digital token.
FT went on to note that the new Zuck Bucks project is more similar to in-game currencies--like how the hit gaming title, 'Roblox,' uses Robux.
Another example could be the V-Bucks currency of the popular battle royale game of Epic Games, Fortnite, which is solely used in-game to purchase items like player cosmetics and skins.
The memo seen by FT says that the Zuck Bucks project is reportedly taking off sometime in May, wherein the rumored service will be tested on Facebook groups that are based on NFT ownership.
What's more, Meta is also reportedly exploring other virtual assets, such as "reputation tokens" and "social tokens." The two coins are meant to be monetary rewards for Facebook users.
That's not all, the FT report is also saying that Meta is also working on services that small businesses could use for loans.
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Written by Teejay Boris
