Although Meta has decided to abandon its Diem (formerly Libra) cryptocurrency project due to hostility from regulators, it seems that the firm still has big ambitions in mind related to digital currencies.
A token system like on TikTok?
the FinancialTimes indeed reports that the financial arm of the company, Meta Financial Technologies, is working on the development of virtual coins nicknamed Zuck Bucks internally, in reference to the CEO of the firm, Mark Zuckerberg.
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First, Meta wants to develop digital products, including digital tokens to reward users, as well as creator tokens for influencers on Instagram. This way of doing things is reminiscent of the operations of Twitch and TikTok. Indeed, the Chinese application uses a tipping system by which fans can buy coins and then offer gifts to the creators they wish to support. The latter can also buy coins to use various tools like Promotion to boost the popularity of a video, increasing its number of viewers or subscribers.
As specified The Guardian, while Meta remains the dominant social network provider, TikTok has for its part greatly increased in popularity and, above all, developed a massive non-advertising activity based on in-app purchases and e-commerce. It is well known that Meta has a habit of replicating the popular features of its rivals, like its stories and Reels; seeing the platform launch tokens similar to those used on TikTok would therefore not be a real surprise.
Soon, NFTs and tokens for users and creators could land on Instagram. Illustration: Deeksha Pahariya / Unsplash
Meta is also interested in NFTs
Mark Zuckerberg’s firm has not definitively abandoned blockchain products since it also has significant ambitions with NFTs. Already in January, the CEO of the company announced the arrival of non-fungible tokens on Instagram for the month of May. The company also plans to display and share the NFTs on Facebook. Also in May, according to an internal memo, it will launch a pilot project along these lines and should subsequently test the possibility of allowing membership in Facebook groups based on NFT ownership.
” We have no updates to share today. We continually envision new product innovations for people, businesses and creators. As a company we are focused on building for the metaverse and that includes what payments and financial services could look like said a Meta spokeswoman.
Again and again, metaverse objective
Because it really is about the metaverse. As with almost all products currently developed by Meta, the Zuck Bucks are also designed for this one. These various digital tokens would serve both staff and users and would be deployed as part of a suite of products to reduce the reliance of Meta platforms on advertising in the future Metaverse.
Moreover, Mark Zuckerberg unveiled an example of how he envisaged the use of NFTs in the virtual space: I would like the clothes your avatar wears in the metaverse to be cashable as NFTs and you can take them to your different locations “. An internal note written in January by Stephane Kasriel, the head of Meta’s financial division leaves no doubt about the company’s ambitions: We are making changes to our product strategy and roadmap […] to prioritize building the metaverse and what payments and financial services will look like in this digital world “.
Additionally, a focus on self-managed currencies and NFTs could allow Meta to capitalize on the metaverse while reducing the risk of regulatory opposition, executive departures and other issues that have plagued Metaverse efforts. of cryptocurrencies since the announcement of the Libra project.