Mark Zuckerberg announced the creation of tokens and digital coins for Meta products
Meta, owned by American businessman Mark Zuckerberg, plans to launch its own cryptocurrencies. Cryptocurrencies will be launched not in the usual regulated market, but in their own metaverse.
Meta, the parent company of one of the most popular social networks - Facebook, aims to introduce its own tokens and cryptocurrencies within its ecosystem, as well as provide credit services for such applications as:
Such decisions, according to company representatives, are dictated by the search for new sources of income, because users’ interest in current products is noticeably falling and bosses are forced to seek alternative ways to earn money.
The new currency that will be integrated within the Metaverse is nicknamed “Zuck Bucks” by Meta employees in honor of Zuckerberg.
At the moment, the company is actively studying centrally controlled tokens, which, like in-game currencies, will be used within the system. In addition, Meta plans to create “social tokens” in order to reward users for participation and coins for influencers - “coins for authors”.
The company’s management notes that the planning process has already been launched and work is underway to integrate innovations into the realities of the existing system.
The first steps to implement cryptocurrencies in Meta are planned simultaneously with the study of the integration of non-fungible tokens into the Facebook and Instagram applications. Already in May 2022, it is planned to launch a pilot NFT program.
Back in March of this year, Mark Zuckerberg noted that the company would complete the NFT integration into Instagram soon.
Such a hurry may be dictated by the desire of the head of the company, Mark Zuckerberg, to use the unregulated market of the metaverse to implement his project to create a new cryptocurrency for the ecosystem of his own products. It relates to the fact that when considering projections for the integration of the metaverse into the traditional financial system, it is possible to bypass all the restrictions of the regulators and launch their own currency before the merge.
At the moment, we are already making changes to the company’s product strategy and roadmap in order to prioritize the process of creating a metaverse and how payments and other financial services will look like in this world,said Stephane Kasriel, head of financial division at Meta.
