Meta Reported to Work on Virtual Currencies Referred to as “Zuck Bucks”

Facebook’s parent company, Meta Platforms (FB), has reportedly been exploring virtual centralized currencies for its Metaverse.

According to an article in the Financial Times, virtual coins, tokens and lending services are being looked into by the online firm. Citing people familiar with the matter, the plans are still in early stages and the project could still be let-go, adjusted or both.

put together preliminary plans to release virtual coins, tokens and lending services on its apps, according to the Financial Times.

The in-app tokens, controlled by the company or “Zuck Bucks” as they are being referred to by company employees, should replace previous ambitions of a blockchain-based digital currency

The Financial Times also reported that the integration of non-fungible tokens (NFTs) into Facebook and Instagram can be expected soon. An internal memo reveals that Instagram will soon support NFTs while mid-May a pilot will launch for posting NFTs on Facebook.

Earlier this year, Meta’s ill-fated Libra/Diem stablecoin project was sold to Silvergate Bank.