• Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
What's Hot

Exploring the Weird and Wonderful World of Cryptocurrency Websites

January 18, 2023

The best PR films to inspire your crypto marketing strategy

January 2, 2023

Cryptocurrencies and startups related to mental health are important topics in today’s world, which have become especially relevant in the era of the COVID-19 pandemic

December 26, 2022
Facebook Twitter Instagram
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
Home»World News»Meta explores ‘Zuck Bucks’: a virtual currency for the metaverse
World News

Meta explores ‘Zuck Bucks’: a virtual currency for the metaverse

Donald MunnBy Donald MunnApril 8, 2022Updated:September 29, 2022No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Meta, the company behind Facebook and Instagram, is now aiming at finance by exploring “Zuck Bucks”: the virtual currency for the metaverse. Mark Zuckerberg’s company is looking for new alternative revenue streams to attract and retain users. 

Meta and the ‘Zuck Bucks’: the new tokens dedicated to the metaverse

zuck bucks metaMeta experiments with a new virtual currency for its metaverse.

Meta has reportedly drawn up plans to introduce virtual currencies, tokens, and lending services to its apps. The latest news concerns the metaverse, with the exploration of new virtual currencies, internally dubbed “Zuck Bucks.”

At the moment, nothing has been publicly revealed about it, but, via some people familiar with the topic, it seems that the new Zuck Bucks will not be Blockchain-based. Rather, Meta seems to be more focused on in-app tokens, centrally controlled by the company. 

Not only that, in addition to Zuck Bucks, Meta is also looking into creating “social tokens” and/or “reputation tokens,” which could be issued to reward Facebook groups. Or “creator coins” that would be associated with particular Instagram influencers. 

But Zuckerberg’s financial investigation doesn’t seem to end there. In fact, it appears that Meta is also exploring more traditional financial services, intending to help provide loans to small businesses at attractive rates.

At the moment, with all the possibilities listed, it’s unknown what Meta’s real financial choice will be, especially after a past where between regulatory impediments and delays, the company hasn’t had much luck in this aspect. 

The stock market crash of Meta (FB) and the failure of its cryptocurrency

Last February, the stock of Meta (FB), behind Facebook’s main social network that has conquered the globe over the years, recorded its worst-ever loss in market capitalization in a single day for a U.S. company. 

Meta (FB) was down 26%, with a total loss of $232 billion in a single day, which disappointed analysts’ expectations. Today Meta (FB)’s stock is worth $222.95, compared to $236 on that February 4, 2022, confirming that Zuckerberg’s company does not seem to have recovered. 

The causes have been attributed to the company’s decision to change its name to focus on the new and emerging metaverse sector and the introduction of new competitors that continue to attract young people, such as TikTok and Twitter. 

Not only that, another “misfortune” at the financial level experienced by the former Facebook was the failure to create Diem (formerly Libra), Facebook’s cryptocurrency. 

Diem’s global project was liquidated, and its assets sold to California-based bank Silvergate after U.S. regulators refused to give the pilot the green light due to monetary stability and competition concerns. 

The NFT business

At the beginning of 2022, Meta seemed to be in favor of entering the NFT business. Sources were talking about launching a proprietary platform for buying and selling NFTs. 

In fact, it wasn’t until the middle of last month that confirmation came directly from Zuckerberg, who announced that NFTs would soon be integrated on Instagram. 

The revelation was made during a conversation with Shark Tank star Daymond John at the SXSW Conference. 

Specifically, Meta’s CEO said that the company is working on a new feature thanks to which users will be able to view their NFTs on Instagram and even mint them in the app. 

The post Meta explores ‘Zuck Bucks’: a virtual currency for the metaverse appeared first on cryptodailynews24.com.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Donald Munn
Donald Munn
  • Website

Related Posts

Cryptocurrencies and startups related to mental health are important topics in today’s world, which have become especially relevant in the era of the COVID-19 pandemic

December 26, 2022

Fed upsets the markets by dictating a hawkish line

September 1, 2022

SEC: “never base investments on social media”

September 1, 2022

T-Mobile and SpaceX join forces

September 1, 2022
Add A Comment

Comments are closed.

Advertisement
Top Posts

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

The latest news about Bitcoin, ICO, blockchain and fintech.

Top Insights

Exploring the Weird and Wonderful World of Cryptocurrency Websites

January 18, 2023

The best PR films to inspire your crypto marketing strategy

January 2, 2023

Cryptocurrencies and startups related to mental health are important topics in today’s world, which have become especially relevant in the era of the COVID-19 pandemic

December 26, 2022
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
© 2023 cryptodailynews24.com Submit news release

Type above and press Enter to search. Press Esc to cancel.