Did you know that Meta has a division called Meta Financial Technologies? Well, it does. And that division is working on a digital currency, known internally as ‘Zuck Bucks’. Because it’s a catchy name, we’re assuming, and because they get to poke a little fun at the boss.
Unlike its previous foray into the world of money that only exists on the internet, this project isn’t a cryptocurrency. Instead, people involved in the project explain it as a centralised virtual currency that will only have utility in Meta services. We’ve seen its’ like before, mostly in games. Everybody from Microsoft to EA to Ubisoft has some sort of virtual currency that may be purchased with real money.
Zuck Bucks the trends
And, as with those currencies, it’s far from certain how useful Meta’s new financial project will be. Zuck Bucks (yeah, that’s never going away) will function as an in-app token and will do… actually, we’re not sure. It’ll likely be used to purchase digital goods and services on the platform. It makes a logical extension of Meta’s metaverse ambitions, but the company still has to convince folks it’s a good idea.
Meta is investigating various sorts of tokens, which could be used to reward users who perform certain noteworthy actions on its platforms. Like Reddit’s version that does exactly the same thing, we suppose. Meta hasn’t had any original ideas so far, there’s no reason to expect it to start now.
Zuck Bucks could also have a part to play in the company’s burgeoning NFT plans. It’s no secret that Facebook and Instagram might host or even mint NFTs at some point. The first tests in this line could come as soon as this May.
But Meta’s own digital currency, as with NFTs in general, doesn’t seem to have an actual point. Beyond making more money for Meta, that is. Will users pay to award others tokens for a witty Facebook comment, or will those awards, as with Reddit’s implementation, exempt them from the platform’s more irritating features for a time. It’s a short jump from there to making Meta’s services subscription-based… while keeping all the tracking that made them the internet powerhouses they currently are.
There’s no sign when these financial plans will hit the internet, but Meta has been eying financial data for some time. Regulation issues killed off its cryptocurrency plans. A wholly-centralised digital currency is the next best thing. For Meta, that is. It’s not really useful for anyone else.
Source: Ars Technica