JAKARTA – Social media giant Meta is reportedly planning to make crypto tokens part of its business model. Although before the rebranding to Meta, the parent company owned by Mark Zuckerberg had already created its own cryptocurrency called Libra, which was later changed to Diem.
The Facebook-owned cryptocurrency did not continue to this day. However, the Financial Times reports that Meta is working on creating digital assets to serve as currency for the upcoming metaverse as the popularity of its flagship products, Facebook and Instagram, continues to decline.
Daily Hodl reports a source familiar with the matter said that internally, Meta employees have dubbed the company's metaverse token "Zuck Bucks," after CEO Mark Zuckerberg. However, sources note that nothing is official, and the idea could be pushed back or canceled at any time.
The report also lays out the Meta plans as Reddit does, the company is considering creating a social token, or community-based reputation coin that is used to reward contributions to certain groups. In addition, Meta can also issue creator coins or tokens associated with individual influencers on the Instagram photo-based social media platform.
Later this Meta token will be handed over to the community for its management and to keep it under control. In addition, Zuckerberg also explained that Meta will enter the NFT business. However, until now there have been no more detailed details regarding the plan.
Zuckerberg himself stated that the feature would allow users to bring existing NFTs to Instagram. He also added that the photo-sharing platform could be used to print NFTs.
Recently, Meta announced it registered eight new trademark applications related to Web 3.0 technologies, such as virtual reality (VR) based metaverse advertising, augmented reality (AR) gear, and an online social dating platform with a dedicated subdivision for crypto investors.
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