Meta plans to explore the launch of a metaverse virtual currency: Zack Coin

According to the Financial Times, Meta Platforms Inc. is preparing plans to bring virtual tokens and cryptocurrencies to its applications, with the aim of using these virtual tokens to reward creators, or for loans and other financial services. If implemented, META is one step closer to Zuckerberg’s “metaverse dream”.

Facebook’s financial arm, Meta Financial Technologies, has been exploring creating a virtual currency for the company, known internally as “Zack Coin,” designed specifically for the Metaverse, but probably not based on blockchain, several people familiar with the matter said. .

Meta also plans to reward users who make significant contributions on the platform, such as Facebook groups and creators on Instagram, in the form of “social tokens” or “reputation tokens.”

“Financial Times” analysis believes that Meta tends to introduce in-app tokens that are centrally controlled by the company, similar to the tokens used in game applications, such as the Robux coin in Roblox .

If the plan goes ahead, Meta would also gain access to a new revenue channel and control transactions across its family of apps and services, including Facebook, Instagram, WhatsApp and the Meta Quest virtual reality platform, among others.

It is worth noting that Meta has not given up on the crypto market. It was previously reported that Meta is considering publishing and sharing NFTs on Facebook. The project is scheduled to launch a pilot in mid-May, and shortly after, Meta will test allowing membership in Facebook groups based on NFT ownership and minting. Separately, Zuckerberg said last month that he plans to integrate NFTs into Instagram “in the short term.”

In addition, affected by the business transformation, Meta announced that the 2022 F8 developer conference will not be held this year. It is reported that the cancellation this time is not because of the epidemic, but the company will focus on the “metaverse”. Meta said the company is preparing for the Internet and the next chapter of our company, building the metaverse. Similar to the early days of the internet, the construction of the metaverse will be a phased collaborative effort.

As an alternative to F8, Meta points to its first business information launch, “The Conversation,” on May 19; plus another Connect event later this year that will focus on the company’s “virtual reality, Augmented Reality and Metaverse Platform Products”.rse virtual currency: Zack Coin