Meta to Introduce Virtual Tokens that Are Not Cryptocurrency - Report

cryptonews.com:

Meta, the parent organization of social media platforms Facebook, Instagram, and WhatsApp, is reportedly drafting plans to introduce virtual coins that are not based on a blockchain.

“Zuck Bucks,” which is how it is called by Meta employees internally, is one of these virtual coins designed for the metaverse, according to a recent Financial Times report.

The report noted that this coin would not be a cryptocurrency based on the blockchain, adding:

"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 popular children’s game Roblox."

Robux, the in-game currency of Roblox, can be purchased through the game's apps and can then be used to pay for upgrades or avatar accessories. Roblox has built a huge business around Robux, and Meta could be seeking to emulate some of that success.

The report added that Meta has also drawn up plans to create so-called “social tokens” or “reputation tokens,” which will be rewarded to users for their contributions on the company's social platforms, mainly Facebook.

"Another effort is to make “creator coins” that might be associated with particular influencers on its photo-sharing app Instagram," the report said.

Meta's distance from blockchain-based tokens/cryptoassets comes after the company's project to launch a US-backed stablecoin faced enormous regulatory backlash and eventually failed. Then, as reported, American chartered bank Silvergate confirmed plans to purchase Diem's intellectual property.

Led by chief executive Mark Zuckerberg, Meta has been exploring alternative revenue streams as the popularity of its main social networking products such as Facebook and Instagram