Meta Platforms Inc (NASDAQ: FB) is reportedly revisiting its digital asset plans after having failed to launch Diem, a cryptocurrency that it spent years developing.
What Happened: Meta is looking to introduce virtual coins, tokens, and lending services to its apps, the Financial Times reported on Wednesday, citing people close to the matter.
The move is seen as a potential way to secure “alternative revenue streams” amid declining interest in social networking apps like Facebook (NASDAQ:FB) and Instagram.
Employees have internally dubbed the planned virtual currency offering “Zuck Bucks.”
Why It Matters: Unlike blockchain-based cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), these tokens are likely to be centralized in-game app tokens controlled by Meta, similar in concept to Roblox Corp’s (NYSE: RBLX) Robux currency, according to the report.
Last month, Meta filed several trademarks for crypto tokens, trading wallets, and blockchain software.
Meta is also exploring social tokens as a reward system for meaningful contributors and creator coins associated with Instagram influencers, as per an internal memo.
One memo suggests Meta intends to launch a pilot for posting and sharing NFTs on Facebook in mid-May. The document also states that these NFTs may be monetized via fees or ads in the future.
See Also: Meta Plans To Allow Users To Mint, Sell NFTs On Facebook, Instagram: Report
Price Action: According to data from Benzinga Pro, Meta shares closed 3.68% lower on Wednesday.
Photo: Courtesy of Anthony Quintano on Flickr
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