Social media titan Meta is reportedly formulating a plan to incorporate a proprietary crypto asset and social tokens into its business model.
According to a new report by the Financial Times (FT), Meta has been looking into creating a digital asset to serve as the currency for its upcoming metaverse as the popularity of its flagship products, Facebook and Instagram, continue to dip.
[adinserter block="1"]Sources familiar with the matter say that internally, Meta employees have dubbed the firm’s metaverse tokens as “Zuck Bucks,” named after CEO Mark Zuckerberg. However, the sources note that nothing is official, and the idea may be pushed back or scrapped at any moment.
The report also finds that much like Reddit, the company is considering creating social tokens, or community-based reputation coins that are used to reward contributions to specific groups. Furthermore, Meta may also issue creator coins or tokens associated with individual influencers on the photo-based social media platform Instagram.
One use Meta could have for social tokens is removing itself from being a centralized force of moderation and instead leave it up to communities to keep themselves in check, according to FT.
Previously, Zuckerberg had announced that Meta would be venturing into the world of non-fungible tokens (NFTs).
Though no specifics were given, Zuckerberg said the feature would allow users to bring already-existing NFTs onto Instagram and possibly even use the photo-sharing platform itself to mint NFTs.
More recently, Meta has furthered its advance into the crypto sphere by registering eight new trademark applications related to Web 3.0 technologies, such as virtual reality-based metaverse advertising, wearable gear for augmented reality, and an online social dating platform with a specific subdivision for crypto investors.
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