Meta, the parent company of social media giant Facebook, plans to introduce virtual currencies and lending services to the apps it owns (Facebook, WhatsApp, Instagram and Messenger). The Financial Times found these facts in a report dealing with the plans of the companies of the Meta group to enter the world of the metaverse. Check out more details!
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As interest in Facebook and Instagram wanes, the shift to investing in tokens and coins digital is aimed at exploring other sources of revenue, reported the Financial Times in its report.
Meta's potential digital currency, known internally as "Zuck Bucks" by employees, in honor of CEO Mark Zuckerberg, will be destined for use in the metaverse.
Loan system in the metaverse
Meta's new ideas didn't stop at their own coin. Small business lending will be her focus as a way to provide alternative functions to traditional financial services.
However, it is not yet clear what the criteria will be or if “Facebook Bank” will reach countries outside the US. If the idea gains traction, it will become yet another purposeful tentacle in people's lives, this time in the economic sphere.
It can be said that today, the company Meta already has a payment system (Facebook Pay/WhatsApp Pay), however, this service only acts as an intermediary for transactions.
Launch NFT program
Embedding virtual currencies in the Meta app could come as the company investigates the integration of non-fungible Facebook and Instagram tokens. According to the report, Meta intends to launch an NFT pilot project in 2022, more precisely in May.
Cointelegraph, a leader in digital media, reported earlier this year that Meta was in the early stages of potentially launch an NFT marketplace, as well as exploring methods to allow users to collect tokens collectibles.
Co-creator of the Diem token, David Marcus, who is backed by Facebook, claimed in August that the company was indeed looking at ways to enter the NFT market.