Metaverse plans to introduce coins ‘Zuck bucks’ for both Facebook and Instagram users. The company’s CEO Zuckerberg aims to reduce reliance on advertising in the near future.
Diversify income
Facebook parent company Meta plans to diversify its income through digital tokens and ‘creator coins’. As the company’s rivals are increasing such as TikTok.
Though Metaverse is leading social media platforms with massive advertisement revenue. TikTok also has built a massive non-ads revenue generation such as in-app purchases and e-commerce.
According to the financial times, Meta is getting quick success with its diverse products. The products include reputation tokens and social tokens and are now looking for creators’ coins.
Global Cryptocurrency
Facebook’s financial arm, Meta financial technologies initiated a project called Libra and later Diem was abandoned by US regulators. The company was attempting to create a global Cryptocurrency.
This is not the first time Meta has dived into digital and virtual finances. Back in 2019, it launched Facebook credits. It was to facilitate in-app purchase of a high game called Zynga’s Farmville.
Meta is planning to enter into the world of non-fungible tokens. It will allow integration into Facebook and Instagram.