Meta Platforms Inc is readying plans to introduce virtual tokens and cryptocurrencies to its family of apps with an aim to use such virtual tokens for rewarding creators and lending and other financial services, the Financial Times reported on Wednesday.
The move, which is reported to be in its early stages, comes as Meta grows its focus on services centered around the metaverse, a virtual environment where people interact, work and play.
If implemented, it could also give Meta a new revenue channel and control over transactions in its suite of apps and services, which include Facebook, Instagram, WhatsApp and the Meta Quest virtual reality platform.
Meta's cryptocurrencies, internally dubbed "Zuck Bucks", are intended for the metaverse and may not be based on blockchain, the FT report said, citing people familiar with the matter.
Meta could introduce in-app tokens that would be centrally controlled by the company, the report said, and such tokens could be used to pay favorite creators on Instagram or reward people who make meaningful contributions in Facebook groups.
Meta did not immediately respond to a Reuters request for comment.
Mark Zuckerberg, chief executive officer of Meta, said last month that Instagram will introduce non-fungible tokens (NFTs) in the "near-term".
Earlier this year, Meta joined the Crypto Open Patent Alliance (COPA), a group of companies led by Jack Dorsey's Block Inc that has pledged to promote open access to cryptocurrency technologies.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha elections 2024: What's the vote-from-home facility? Know eligibility and procedure
Mar 28, 2024 4:02 PM
Poll officers cannot force electors who 'refuse' to vote at polling booths, says EC rule
Mar 28, 2024 2:19 PM
'Committed to serving you as son': Varun Gandhi's note for people of Pilibhit after BJP denies him ticket
Mar 28, 2024 2:03 PM
Lok Sabha elections 2024: Raigarh to Bastar, key seats in Chhattisgarh
Mar 28, 2024 11:40 AM