AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Meta seems to be exploring digital currencies passionately to compensate for the decline in revenues due to fall in global usage of Facebook and Instagram.
- Unlike Diem and other common digital currencies, Zuck Bucks will not be based on blockchains. These will be the in-app tokens, which the company will centrally control.
- Apart from the development of Zuck Bucks, Meta has several other plans underway to forge on the journey to integrate digital assets into its platforms.
Facebook’s and Instagram’s parent company, Meta, has recently tapped new headlines. Meta has come into limelight, thanks to its attempt to launch another digital currency named after the CEO Mark Zuckerberg: Zuck Bucks.
Bittersweet relationship between Zuckerberg & digital assets
Now is not the first time Mark Zuckerberg has commenced the journey of exploring digital currencies. The history of Zuckerberg and digital assets goes back to 2009 when the company had launched a currency called Facebook Credits, through which users could make in-app purchases. However, it shut down in 2013 because of expensive maintenance costs.
A few years later, another crypto Libra was released in 2019, which was later renamed Diem in 2020 because of the regulatory backlash it faced from various politicians and central banks. However, rebranding didn’t help the cryptocurrency to stay afloat for long. After a somewhat challenging journey, Meta has embarked on another digital currency project.
GOOD SECTION: UK FCA to hire digital asset talent
Why is Meta so passionate about digital assets?
Despite having consecutive collapses of digital assets, Meta is again on the voyage for another currency. Why? One key reason could be the fact that the parent company is unable to fetch optimum revenue due to the decline of Facebook’s and Instagram’s usage globally, followed by the high popularity of other social media platforms like TikTok.
Meta has a US$ 118 billion-a-year, ad-based business model. In February, Meta lost US$220 billion from its market valuation. Thus, the company is seeking out alternative revenue streams. So, Zuck-Bucks come into the picture.
MUST-WATCH: What is Biden's Execution Order to Explore Digital Assets?
What are Zuck Bucks?
Unlike Diem and other common digital currencies, Zuck Bucks will not be based on blockchains. These will be the in-app tokens, which the company will centrally control. Thus, the digital assets will only be spent on Meta’s platforms.
However, Meta has not released any official report on Zuck Bucks. According to various media reports, the company's employees have provided the information available as of now.
Source: Pixabay
ALSO READ: Want to secure your digital assets? Here are Australia’s most popular crypto wallets
Meta on the voyage to explore digital assets to expand its financial horizons
Apart from the development of Zuck Bucks, Meta has several other plans underway to forge on the journey to integrate digital assets into its platforms. Meta is also looking into creating “social tokens”, which could be used to reward healthy and meaningful contributions to Facebook Groups.
Next on the list are “creator coins”, which influencers may use on Instagram. However, all these plans are in the early stages of production. Although, the journey of incorporating NFTs into its platforms has reached a later stage, according to some of the employees of Meta.
FINAL READ: DOGE price prediction: Can Dogecoin reach double digits by 2025?
Bottom line
Meta is undergoing massive competition from its tech rivals- Google and Apple. Additionally, over the past six months, Met has lost many employees. The employees who have stayed with the company are now focusing on expanding Meta’s horizons in the digital assets space. If such projects get successful, they may frame a better picture for Web3: the world of decentralisation of data.
