Mark Zuckerberg is looking to develop “Zuck bucks” for Facebook and Instagram users. What is it about?
A pilot project in mid-May
Meta seeks to develop new cryptocurrencies using a range of virtual products – including digital tokens. Dubbed “Zuck Bucks,” after Meta CEO Mark Zuckerberg, it will no longer be an ordinary cryptocurrency.
Designed to reduce the reliance of its platforms on advertising in the metaverse, it will diversify revenue and restore its user base, which is increasingly turning to serious competitors, namely TikTok. In fact, TikTok regularly releases important and relevant updates as well as building a huge non-advertising business based on e-commerce.
Remember, the company previously worked on Diem (formerly known as Libra), but this stablecoin project was finally scrapped earlier this year. The US regulators refused to give him the necessary approvals regarding the valuation of the currency, the stability of the value of the cryptocurrency and its impact on competition.
As part of this new Zuck bucks project, Meta plans to launch a beta program in mid-May and then run a trial that will allow “membership to Facebook groups based on NFT ownership.” Meta is already striving to enter the realm of non-fungible tokens or non-fungible tokens, which are certificates to ensure the authentic and unique character of a digital file, especially artwork. The company plans to strategize to integrate it on Instagram and Facebook.
Last March, Mark Zuckerberg confirmed at the South by Southwest (SXSW) festival that digital collectibles will indeed be coming to Instagram “in the near term.” However, he did not specify exactly how it would form, but suggested that users could browse existing NFTs and possibly create new ones.
“I’m not ready to announce exactly what it will be like today. But over the next few months, being able to integrate some of your NFT elements will hopefully over time, create things in this environment.”
Towards integrating icons into applications
The idea behind this meta currency is to create what you might already know as in-app tokens.
Perhaps the most widely used and most popular token at the moment is the Robux coin that operates in the Roblox world. You buy Robux with real money, similar to the in-app purchases offered in apps and games. So it’s no surprise that Meta was inspired by Roblox to develop Zuck bucks.
Thus Meta plans to include “social tokens” or “reputation tokens” that can be used in many projects. They can be used as rewards by users, for example, for large contributions to Facebook groups. The company also appears to be exploring traditional financial services such as small business loans. It also researches the “creative bits” that influencers on Instagram can use.
Thus, it is “unlikely” that this will become a cryptocurrency, as it is more about offering in-app tokens that the company can control centrally. Although it’s unlikely to be his final name, Zuck Bucks could become the currency of Facebook and Instagram, as well as all the upcoming metaverse experiences, with all these possibilities it offers.