Meta developing "Zuck Bucks" which is NOT a cryptocurrency: Report
Meta Platforms, one of the giants in the world which also owns the well-known social media platform Facebook, has confirmed that it is developing "Zuck Bucks," which are named after the CEO of the firm, Mark Zuckerberg. This report was revealed by the Financial Times, which confirmed that the firm is still exploring the world of finance.
Not a cryptocurrency
Meta was known for its efforts to push the Diem stablecoin project, which failed to make it big. Previously known as Libra, the technology behind the project was eventually sold off to Silvergate Capital. It seems the platform has finally dropped all its plans to develop a blockchain-based token or cryptocurrency, and now, it plans to focus on another currency called "Zuck Bucks."The report from Financial Times confirmed that "Zuck Bugs" is not a cryptocurrency, and it seems that Zuckerberg-led Meta is finally giving up on creating cryptocurrency. Financial Times also added:
Instead, Meta is leaning towards introducing in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps such as the Robux currency in the popular children's game Roblox.These tokens are certainly different from cryptocurrencies as they are not decentralized but controlled by Meta and will be limited to the Meta-governed platforms Facebook and Instagram.
Meta is down but not out
Meta is not yet done with the crypto world and now has turned to NFTs. As per the report from FT, the firm is planning to introduce a feature that will allow people to share NFTs and post them on Facebook, a social media application.Furthermore, another social media application owned by Meta, Instagram, is also planning to introduce NFT-based features. As per a previous report from Cryptonary, Instagram is actively working on the integration of NFTs. Moreover, the development team also has come up with the idea of "social tokens" or "reputation tokens," which can be of use in Facebook groups.
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