Meta Wants To Create A New Digital Currency After Diem’s Failure

Despite failing to launch its cryptocurrency, Meta reveals it hasn’t given up on launching crypto lending services and virtual tokens. Per a financial times report, Meta plans to increase its revenue income by owning a digital asset that some insiders have called ‘Zuck Bucks.’ 

A Change To Suit Metaverse-Related Services 

However, the report clarified that the new digital currency wouldn’t be built on blockchain technology. Rather, the firm chose to create an in-app token that the firm can control fully. Meta’s head of finances, Stephane Kasriel, revealed that “we are changing our product strategy and road map to position as a leader in payments and financial services in the Metaverse space.”

Hence, it would create ‘social tokens’ (also known as reputation tokens), which will be given to those who contribute positively to the network. The firm further noted that there would also be other tokens, such as ‘creator coins,’ given to top Instagram influencers.

Decentralization Of Moderating Power

The financial times further remarked that these reward plans might enable Meta to give more moderating powers to the company’s communities (especially Facebook and Instagram) and remove itself from being the central moderator for each platform’s content. Some inside sources also revealed to the financial times that Meta also plans to have NFT-related Facebook group members.

Last week, the company shared an internal memo on how it intends to run an NFT platform within its social networks by the middle of next month. You’d recall that Meta CEO Mark Zuckerberg, already announced that there would soon be NFT features on Instagram. He further remarked that only a few technicalities are left to be solved before the feature goes live. While speaking at SXSW (South by southwest), Zuckerberg revealed that the Instagram NFT feature will be live in the “near term.” 

Another Bite At The Cherry?

Meta’s social networks have previously been involved in launching various crypto-related projects. One of such projects was the Diem stablecoin project, which the firm had been working on for nearly three years. However, the social media behemoth had to cancel the project early this year after the government claimed the project didn’t follow standard regulatory procedures.

Three months ago, Meta sold all the intellectual properties of the Diem project to Silvergate capital firm for $183M. After the sale, Diem chief, Stuart Levy, opines that Silvergate can resurrect the Diem project and launch it.

Meta is testing the crypto waters with NFT features on their social platforms. The NFT space keeps growing in leaps and bounds since last year with no signs of stopping. Thus, it is no wonder that many blockchains are also launching their NFT platforms. Even some NFT platforms are making their platforms interoperable with other NFT platforms. For instance, OpenSea (the largest NFT marketplace globally) recently announced that its users Solana NFTs on its marketplace even though Solana has its own NFT platform called Solanart.

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