Meta exploring potential of digital money referred internally as 'Zuck Bucks'
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Meta abandoned its effort to create a global cryptocurrency.
PHOTO: REUTERS
SAN FRANCISCO (AFP) - Facebook's parent company, Meta, is exploring the potential of digital money referred to internally as "Zuck Bucks" in a play on the founder's name, the Financial Times reported Wednesday (April 6).
Meta abandoned its effort to create a global cryptocurrency - first called Libra but eventually rebranded as Diem - in the face of fierce backlash by financial regulators around the world.
However, founder and chief Mark Zuckerberg has spoken about the importance of e-commerce and financial tools to his vision for an immersive online world called the metaverse.
A Meta spokesman said in response to an AFP inquiry that the company is always considering "new product innovations for people, businesses and creators".
"As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like."
The spokesman would not comment on specific innovations being pursued.
Products being considered at Meta include digital tokens similar to those used for transactions in video games, with the Internet company's version nicknamed "Zuck Bucks" by those working on it, according to FT.
Popular games such as Fortnite and Roblox use tokens for transactions.
The tokens could potentially be used to reward creators and influencers whose posts draw online audiences.
Meta is looking to diversify its revenue beyond a reliance on targeted advertising that has provoked concerns about invading users' privacy.
