New sources have revealed new plans from ‘Meta’ (Formerly known as Facebook) to introduce new digital currency for Facebooks and Instagram users. Apparently, the buzzing name in the social media platform for the new digital coin is circulating as ‘Zuck Buck’ named after Founder Mark Zuckerberg.
The virtual token will go to serve as the payment medium for Instagram users and other financial platforms. According to Financial Times, Meta’s financial sector known as ‘Meta Financial Technologies’ is finding ways to implement virtual currency in the metaverse. Moreover, the new planned virtual coin will be a cryptocurrency developed on blockchain technology.
If Implemented, it may give wings to the social media giants for new revenues and business opportunities in the apps and other controlled services. Currently, Meta controls Facebook, Instagram, Whatsapp, and Meta Quest Virtual Reality Program which are the most widely used communication and social media platforms by the users.
However, this is certainly not the first time that Meta has not thought about launching its own digital coin. In 2019, Mark Zuckerberg tried to launch a stablecoin project called ‘Libra’ which took shook by the Federal Reserve and had to be put down by the company. It is severely got criticized by the government, politicians, and central bankers.
After constant constraints, several partners also left the project in the middle of nowhere. Consequently, after much fault-finding, Facebook rebranded Libra into ‘Diem’ in late 2020. On the last day of January 2022, Diem Payment Network sold its Intellectual Property to Silvergate Capital Corporation for $182 million.
Additionally, Zuck Bucks will be in direct control of Meta just like some in-game cryptocurrencies. Whereas no brief details or updates have been provided yet on the project, the new plan indicates a building focus for metaverse, a virtual reality space.
Currently, Meta revealed that the maximum of its revenues and profits are being poured into its metaverse project which had caused a huge decline in its fourth-quarter profit. Also, the company’s shares are going 30% downstream in the market since February. Above all, according to Meta, there is still no hope to expect greater or increased revenue in the near future.