A man takes a selfie in front of a newly unveiled logo for Meta, the new name for Facebook’s parent company, outside Facebook headquarters in Menlo Park on Oct 28, 2021. — AFP photo
SAN FRANCISCO (April 7): Facebook’s parent company Meta is exploring the potential of digital money referred to internally as “Zuck Bucks” in a play on the founder’s name, the Financial Times reported on Wednesday.
Meta abandoned its effort to create a global cryptocurrency — first called Libra but eventually re-branded as Diem — in the face of fierce backlash by financial regulators around the world.
However, founder and chief Mark Zuckerberg has spoken about the importance of e-commerce and financial tools to his vision for an immersive online world called the metaverse.
Products being considered at Meta include digital tokens similar to those use for transactions in video games, with the internet company’s version nicknamed “Zuck Bucks” by those working on it, according to the Financial Times.
Popular games such as “Fortnite” and “Roblox” use tokens for transactions.
There would be potential for tokens be used to reward creators and influencers whose posts draw online audiences.
Meta is looking to diversify its revenue beyond a reliance on targeted advertising that has provoked concerns about invading the privacy of users. — AFP