Meta, the company that owns Facebook and Instagram(opens in new tab), apparently has plans to introduce its own in-app digital currency that employees have started calling 'Zuck Bucks.' The company is reportedly working on several new financial endeavors like offering small business loans and NFT integration on Facebook.
According to a report in the Financial Times(opens in new tab), Zuck Bucks (a nickname that refers to Meta founder and CEO Mark Zuckerberg), isn't going to be a cryptocurrency working off the blockchain. It'll be a centrally controlled in-app token, which the report likens to what you found in online games like Roblox(opens in new tab). It would work like Facebook Credits back in the day, which was its virtual currency used to buy stuff in FarmVille. Facebook shuttered Facebook Credits back in 2013 after it was deemed too costly to maintain(opens in new tab). Remember FarmVille? It's still around, but you no longer need a Facebook account to play it(opens in new tab).
Meta is looking into «social tokens,» which can be rewarded to users who make «meaningful contributions to Facebook groups.» According to internal documents, the idea is that users who make credible content can be given tokens as payment, allowing Meta to step away from being a content moderator and giving Facebook communities more power in moderating themselves. 'Creator coins' is another digital currency tied to specific influencers on Instagram.
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