Meta to launch digital currency ‘Zuck Bucks’: reports
Meta Platforms Inc., the parent company of Facebook, is reportedly working on a new form of digital currency called 'Zuck Bucks', named after the CEO of Meta, Mark Zuckerberg.
According to a report by The Financial Times, 'Zuck Bucks' will function similar to tokens used in video games like Roblox and Fortnite. Reports suggest that this token-like currency system will be used to reward social influencers with high reach and view counts, as well as notable contributors in Facebook groups.
Meta has previously failed to launch their own version of cryptocurrency – Diem, initially called Libra – after federal regulators disapproved of the project. The Diem project was officially cancelled in January 2022.
Reports also state that Meta is working on releasing NFT support on Facebook this May. Zuckerberg had previously announced that NFTs will be coming to Instagram as well.
While there has been no official news regarding 'Zuck Bucks' yet, a Meta spokesperson recently told AFP that Meta is continuously working on new forms of payments to help businesses and creators on Facebook. According to the spokesperson, new financial innovations are a part of expanding the metaverse – the virtual reality project Meta is currently invested in.