Get Ready To Spend 'Zuck Bucks' And Social Coins In Meta's Metaverse
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Get Ready To Spend ‘Zuck Bucks’ And Social Coins In Meta’s Metaverse

Get Ready To Spend ‘Zuck Bucks’ And Social Coins In Meta’s Metaverse

will introduce a virtual currency and tokens. This is to increase the digital cash flow generated by Web3. When it launched Libra, the company was still called Facebook, a digital currency that had limited success. Due to regulatory pressure, however, all of its cryptocurrency projects were shut down.

Libra functioned just like any other crypto-running operations on blockchains but was subject to heavy criticism by regulators, and it was rebranded to Diem. The original plan was to release Diem and a digital wallet called Novi. However, regulatory pressure forced the project to be scrapped again. Facebook has a vast global audience of 2.9bn people. This is unlike any new crypto project. It can affect the national and international economies.

RELATED: Elon Musk bought his way into Twitter for its Crypto Project.

According to the Financial Times, Mark Zuckerberg’s company plans to launch virtual tokens, coins, lending services, and NFTs. Meta might have found a way around all the obstacles the government puts in its way of digital financial projects. Employees can get off the blockchain and create an in-app currency dubbed “Zuck Bucks,” by employees. This currency is not under the control of regulators. Meta hopes to recruit all the Web3 big guns to provide Facebook users with NFTs and virtual currency.

Web3, The Inevitable Digital Economy

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According to the Financial Times, Facebook and Instagram’s $118 billion annual business model is in danger due to competition from TikTok. The social media giant’s advertising money-making machine is in dire straits, and the company is searching for ways to make more cash. Web3, where many companies like Twitter are now putting their future, is the vision of owning digital assets.

NFT platforms such as OpenSea have already brought in billions of USD, and digital wallets such as Robin Hood and Coinbase are a rising trend. At the same time, the in-app currency is a hot topic in the gaming community. Meta seems to want in on everything. The report describes how Meta Financial Technologies, the company’s financial arm, has been looking into a virtual currency in the Metaverse. It would not be verified on the blockchain, and it would not be centrally controlled by the company. Meta could also offer social tokens or reputation tokens, which could be used to reward users for their contributions. For spreading the word, influencers could be awarded creators’ coins.

Already confirmed, NFTs will be available on Instagram, Facebook and other social media platforms, where users can create, mint and share them and even auction them. Although Meta may be looking to centralize the decentralized movement of NFTs, the end vision is the exact same. Meta will make sure the money is flowing deep in the Metaverse if the real world becomes virtualized.

 

Get Ready To Spend ‘Zuck Bucks’ And Social Coins In Meta’s Metaverse
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