After the unsuccessful attempt with Diem, Meta is determined to try its luck in the metaverse once again. The goal is to create an in-app token called ‘Zuck Bucks.’ Despite facing criticism, the Facebook Parent Company is slowly immersing itself in the technology.
The concept of the metaverse and virtual currencies has taken the modern world by storm, with every sector and industry exploring the new opportunities it presents. The growing institutional interest in the metaverse can be attributed to the hype and anticipation surrounding web3. In light of this, the owner of Facebook has expressed plans to create tokens for use in its metaverse.
Previously, the company had to abandon its plans to establish the Diem Stablecoin, a project that was announced in 2019. However, due to regulatory complications and setbacks, the project never gained traction and the company eventually had to withdraw from it. The remaining assets and intellectual property of the Diem Project were sold to Silvergate a few months ago.
Now, Meta is exploring new opportunities within the cryptocurrency space by planning to introduce a centralized in-app token for Facebook. This token, rumored to be called ‘Zuck Bucks,’ will not be an actual cryptocurrency. The company’s staff members have shown support for the project and its rumored name.
Additionally, the company is also laying the groundwork for several other creator tokens, including reputation tokens and social tokens. However, as the news reports are still fresh, there is a possibility that specific details may be altered or changed when the finalized project outlook is revealed.
Joining the race for the metaverse, Meta is embracing virtual and augmented reality, which is believed to be the future of the modern world. It combines aspects of the real world with human fantasies. However, there is fierce competition among organizations to build the metaverse, and Facebook and Meta are jumping on the bandwagon with their proposed project to capitalize on the technology’s rising popularity.
It is worth noting that Meta’s project is centralized, which goes against the crypto world’s emphasis on decentralization. This has led to backlash and criticism from those who believe that Facebook and Meta are creating a closed metaverse that undermines the core concept of the latest technology. Yat Siu, the Executive Chairman of Animoca Brands, has voiced his criticism of Meta, stating that their plans pose a threat to the basic principles of the technology.
Despite the criticism, the company is undeterred and continues to push forward with its new project. In addition to the Zuck Bucks project, Meta plans to introduce an NFT posting feature, with a pilot launch expected in the coming month. Furthermore, the organization is considering monetizing blockchain assets through ads and fees. NFTs have gained immense popularity in the blockchain and crypto space, and it is evident that Meta is making a comprehensive entrance into the blockchain sector.
However, in order to incorporate NFTs, the organization will need a native currency to support its operations. The proposed Zuck Bucks are not intended to function as a basic crypto token, so Meta will need to thoroughly delve into this aspect before launching any NFT projects or features. Given Meta’s past experience with Diem, it is likely that the company will explore alternative ways to offer a digital token.
