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Facebook Parent Meta Exploring Digital Money Offering Called ‘Zuck Bucks’: Report

Facebook-Parent Meta Exploring Digital Money Offering Called ‘Zuck Bucks’: Report

Meta’s new tokens could potentially be used to reward creators and influencers whose posts draw online audiences.

By Agence France-Presse | Updated: 7 April 2022 09:54 IST

The move comes as Meta grows its focus on services based on the metaverse

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Highlights

Products being considered at Meta include digital tokens
Meta is looking to diversify its revenue beyond targeted advertising
Fortnite and Roblox use tokens for transactions

Facebook's parent company Meta is exploring the potential of digital money referred to internally as "Zuck Bucks" in a play on the founder's name, the Financial Times reported Wednesday.

Meta abandoned its effort to create a global cryptocurrency — first called Libra but eventually re-branded as Diem — in the face of fierce backlash by financial regulators around the world.

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However, founder and chief Mark Zuckerberg has spoken about the importance of e-commerce and financial tools to his vision for an immersive online world called the metaverse.

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"We continuously consider new product innovations for people, businesses, and creators," a Meta spokesperson said in response to an AFP inquiry.

"As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like."

The spokesperson would not comment on specific innovations being pursued.

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Products being considered at Meta include digital tokens similar to those used for transactions in video games, with the internet company's version nicknamed "Zuck Bucks" by those working on it, according to the Financial Times.

Popular games such as Fortnite and Roblox use tokens for transactions. The tokens could potentially be used to reward creators and influencers whose posts draw online audiences.

Meta is looking to diversify its revenue beyond a reliance on targeted advertising that has provoked concerns about invading users' privacy.

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