Meta studies the launch of a virtual currency

Meta is planning to create a virtual currency and other financial services, according to a Financial Times article, despite the failure of its digital currency project. The social network giant is in fact working on the construction of the metaverse, a parallel universe of virtual worlds that requires an entire infrastructure, including currencies. According to the FT, these tokens have been nicknamed “Zuck Bucks” (“Zuck’s dollar”, short for Mark Zuckerberg, founder and head of Meta) by employees.

In January, the digital currency project launched with great fanfare in 2019 by Facebook was officially buried. The currency was supposed to offer a new method of payment outside traditional banking channels, but it had aroused opposition from central banks, regulators and politicians, concerned about the risks to the stability of the financial system, the fight against money laundering. of money and the protection of personal data.

According to the FT, this time Meta does not plan to create cryptocurrencies registered on the blockchain, but rather tokens that act as a currencyas in some video games, for example Robux from Roblox or V-Bucks from Fortnite. The Californian group would also work on “social tokens”which would be given to users to reward important contributions, or currencies linked to certain Instagram influencers, as a means for creators to monetize their content.

Like Google and Twitter or other platforms like TikTok, Meta is looking to diversify its revenue streams beyond personalized and targeted advertising as this business model is challenged, even by regulators concerned about the protection of users’ personal data. .

By Editor

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