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Meta plans virtual currency Zuck Bucks & NFTs
April 12, 2022
Meta, the organization that owns Facebook and Instagram, has announced plans to make its own virtual currency, which the staff has named as “Zuck Bucks.”
The firm is chipping away at different virtual items to enhance its income and revive its client base, which is progressively rushing to fresher contenders like TikTok.
Meta has plans to integrate NFTs into its social media applications. “Social tokens” or “reputation tokens” are examples of products that the organization is looking out. These could be used as rewards by consumers. It’s additionally seeing “creator coins” that influencers on Instagram can use.
However, “Zuck Bucks”, a nickname that refers to Meta founder, chairman, and CEO Mark Zuckerberg, won’t be a blockchain-based cryptocurrency.
As indicated by a report in the Financial Times, “Meta is leaning towards presenting in-application tokens that would be centrally controlled by the organization, like those used in gaming applications like the Robux cash in famous children’s games, Roblox.”
In May, the organization will launch a pilot initiative to allow clients to transfer and share NFTs on Facebook. The next step will be to test a feature on Facebook that will allow clients to join NFT-owning and minting groups. Meta intends to monetize NFT sales on Facebook using fees and/or adverts.
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