Tech News

Zuck Bucks, the virtual currency that Meta would present

Goal you do not want to miss the opportunity to enter the virtual money market, despite the various legislative problems they have faced in recent months. According to the Financial Times, the company would be working on a new asset under the name of Zuck Bucks, a token which may come with a very different approach than the one the company took with Diem (Libra), which is currently a failed stablecoin project.

[article_mb_code]

‘Zuck Bucks’, in fact, it wouldn’t be one cryptocurrency as such, but virtual currencies that they would only be available on Meta platforms. These, according to the previous medium, “would be centrally controlled” by the company.

This way, users can convert their dollars, euros or any other official currency, into ‘Zuck Bucks’ (internal name in honor of mark zuckerberg) and to buy products or services in Facebook or Instagram.

[article_mb_code]

How would Zuck Bucks work?

The virtual currency of Facebook, therefore, wouldn’t be too different from the V-Bucks of Fortnite. They can also be exchanged for any other official currency. They are also used to purchase products that are only available in-game, but not used on other platforms.

[article_mb_code]

Roblox also uses a similar system, called Robux. Once again, a virtual asset is only available for in-game perks.

Financial Times also revealed that Meta is working on “social” or “reputation” tokens. In particular, these will be received as reward every time a user makes a valuable contribution to a Facebook group or page.

Meta continues to focus on the metaverse and NFTs, despite his failed attempt on Diem

[article_mb_code]

Meanwhile, the parent company of Facebook and Instagram continues to develop other services related to metaverse and blockchain.

Among them are the ability to sell and buy non-fungible tokens within Facebook, as well as features that allow users to view their assets. Instagram has also confirmed its interest in the NFT and is currently investigating how to use them within the platform.

Meta, however, is also experiencing some complications in one of his most important plans: the creation of his own stablecoin called Diem, a virtual currency whose value matches the value of the dollar. This project has gone through many legal problems, which has caused many partners to no longer trust the company for the launch of the coin also known as ‘Balance’.

Currently, Mark Zuckerberg’s company seems be looking to sell the assets of this project. The goal, as revealed by Bloomberg, is “return capital to its investment partners”.

Meta also already allows more advertising on cryptocurrencies

The company led by Mark Zuckerberg updated a couple of months ago the criteria you use to decide which cryptocurrency ads, such as the Bitcoincan be published on their platforms to increase the number of licenses to more advertisers and companies.

At Meta’s official statemententitled “Expansion of eligibility to publish ads on cryptocurrencies”, the company explained how increasing market maturity and regulatory moves have convinced it to change its stance.

Previously, advertisers had to fill out consent forms with information about these ads as their license or relevant additional informationas well as its presence in a investment or Stock market. Now, marketing campaigns will be able to utilize the platform’s large user base.

However, the market has come a long way since then, and closer scrutiny from tech giants and regulators should mitigate this risk. Facebook itself is preparing for a metaverse project, which has naturally attracted headlines both inside and outside the crypto space.

Back to top button