After previously failing to build a cryptocurrency called Diem, now Meta - Facebook's parent - is said to be trying to create a digital currency, but not crypto.
The currency in question will be called 'Zuck Bucks', and it doesn't appear to be a cryptocurrency like Diem, but rather a token that will be used in various Meta applications, much like the internal currency used in some games, for example Robux on Roblox. .
Roblox has so far been successful in building its business by selling Robux, and it's possible that Meta will try to emulate that move on its platform, as quoted by The Verge.
Meta itself doesn't really distance itself from blockchain products even though it has failed with Diem. The reason is that they are currently looking for a way to peddle NFT on Facebook, which is likely to be done in mid-May.
Then Meta will try out the subscription model in Facebook groups based on NFT ownership, as well as minting NFT on Facebook. In March, Meta CEO Mark Zuckerberg did mention that NFT would be present on Instagram.
There are also 'social tokens' or 'reputation tokens' that may also be released and later given out as gifts, for example to members who make important contributions to Facebook groups.
"We don't have any new information to share today. We're constantly looking at new product innovations for people, businesses and creators. As a company, we're focused on building the metaverse and that includes payments and financial services," explains Lauren Dickson, spokeswoman. Meta.