Meta working on virtual money 'Zuck Bucks': report

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

By AFP

Published: Apr 7, 2022 12:10:52 PM IST

Updated: Apr 7, 2022 12:30:20 PM IST

Meta is exploring the potential of digital money referred to internally as "Zuck Bucks" in a play on the founder's name. (Credit: Shutterstock)

San Francisco, United States: 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.

Meta abandoned its effort to create a global cryptocurrency—first called Libra but eventually re-branded 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.

"We continuously consider new product innovations for people, businesses, and creators," a Meta spokesperson said in response to an AFP inquiry.

"As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like."

The spokesperson 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 the Financial Times.

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.