‘Zuck Bucks’: Mark Zuckerberg Determined To Launch Digital Money For Facebook, Instagram Users!

Facebook parent Meta is reportedly interested in digital money or virtual currency- referred to internally as “Zuck Bucks”- and its potential.

Integrating Finance With Metaverse

Meta had earlier scrapped its effort to create a global cryptocurrency, first called Libra but later rebranded as Diem, due to strong backlash by financial regulators around the world.

However, this hasn’t stopped the company from exploring other avenues.

Founder and chief Mark Zuckerberg has spoken about the value of e-commerce and financial tools as part of his vision for the metaverse.

Following Online Games’ Examples

An avatar the “Zuck Bucks” might take is that of digital tokens similar to those used for  transactions in online games such as Fortnite and Roblox.

Roblox uses Robux, the in-game currency and it has built a huge business selling the currency.

Facebook had attempted something similar when it launched Facebook Credits in 2009.

This virtual currency would allow users to make in-app purchases, typically in games such as FarmVille.

How It Would Work Today

It contributed 16% to revenues at the time of its IPO in 2012.

But this has to be wound down in 2013 due to maintenance costs being too high.

The tokens being discussed currently would be centrally controlled by the company.

It could also be used to reward creators and influencers whose posts pull online audiences.

New Revenue Stream Amidst Popularity Decline

This could be another way for Meta to diversify its revenue instead of being dependent on targeted advertising- a controversial practice that has aroused concerns regarding invasion of privacy.

However, the ad-based business model is very rewarding for the company, raking in $118 billion a year.

Apart from the controversy, ads may not be a viable source of income for too long, given that popularity of Meta’s products such as Facebook and Instagram are on the decline.