Meta does not want to miss the opportunity to enter the virtual money market, despite the different legislative problems they face in recent months. According to Financial Times, the company would be working on a new asset under the name 'Zuck Bucks', a token that may come with a very different approach than the one the company envisaged with Diem (Libra), which is currently a failed stablecoin project.
In this way, users can convert their dollars, euros or any other official currency, into 'Zuck Bucks' (internal name in honor of Mark Zuckerberg) and to buy products or services in Facebookb or Instagram.
How would the Zuck Bucks work
Roblox also uses a similar system, called Robux. Once again, a virtual asset is only available for the advantages of the game.
Financial Times also revealed that Meta is working on “social” or “reputation” tokens. In particular, these will be rewarded every time a user makes a valuable contribution to a Facebook group or page.
Meta continues to focus on metaverse and NFTs, despite his failed attempt with Diem
Meanwhile, the parent company of Facebook and Instagram continues to develop other metaverse and blockchain-related services.
Among them are the ability to sell and buy non-fungible tokens within Facebook, as well as features that allow users to view their assets. Instagram has also confirmed its interest in NFTs and is currently investigating how to use them within the platform.
Meta, however, is also experiencing some complications in one of its most important plans: the creation of its own stablecoin called Diem, a virtual currency whose value matches the value of the dollar. This project has gone through many legal problems, which has caused many partners to no longer trust the company for the launch of the currency also known as 'Balance'.
Currently, Mark Zuckerberg's company seems to be looking to sell the assets of this project. The goal, as Bloomberg revealed, is to “return capital to its investor partners”.
Meta also already allows more advertising about cryptocurrencies
The company led by Mark Zuckerberg updated a couple of months ago the criteria it uses to decide which cryptocurrency ads, such asa href="https://www.infobae.com/tag/bitcoin/" rel="noopener noreferrer" Bitcoin, can be published on its platforms to increase the number of licenses to more advertisers and companies.
In Meta's official statement, entitled “Expanding eligibility to run ads on cryptocurrencies,” the company explained how the growing maturity of the market and regulatory movements have convinced it to change its stance.
Previously, advertisers had to complete consent forms with information about these ads such as their license or relevant additional information, as well as their presence in an investment or stock market. Marketing campaigns will now be able to use the platform's large user base.
However, the market has come a long way since then, and closer scrutiny by tech giants and regulators should mitigate this risk. Facebook itself is preparing for a metaverse project, which has naturally attracted headlines both inside and outside the crypto space.
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