JAKARTA - Meta Platforms Inc is preparing plans to introduce virtual tokens and cryptocurrencies into some of its applications. Reported by the Financial Times, Wednesday, March 6, Meta wants to use the virtual token to reward creators and provide loans and other financial services.
The move, which is reportedly still in its early stages, comes as Meta increases its focus on services centered around the metaverse, a virtual environment where people interact, work and play.
If implemented, it could also give Meta a new revenue channel and control over transactions within its suite of apps and services, which includes Facebook, Instagram, WhatsApp, and the virtual reality platform, Meta Quest.
The Financial Times report also mentions that the Meta Cryptocurrency, which is internally dubbed "Zuck Bucks", is meant to be metaverse and may not be based on blockchain technology.
Meta can introduce tokens in the application which will be controlled centrally by the company. The tokens can be used to pay for favorite content creators on Instagram or reward people who make meaningful contributions to Facebook groups.
"We don't have any updates to share today," a Meta spokesperson told Reuters on Wednesday. He also added that the company is focusing on developing the metaverse. "This development includes what payments and financial services look like," he added.
Mark Zuckerberg, CEO of Meta, said last month that Instagram would introduce a non-fungible token (NFT) in the "near future".
Earlier this year, Meta joined the Crypto Open Patent Alliance (COPA), a group of companies led by Jack Dorsey's Block Inc that have pledged to promote open access to cryptocurrency technology.
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