If the Metaverse is going to be heavily consumed one day, Meta will want to take advantage of it. A dedicated Metaverse currency would be worth its weight in gold.
According to the Financial Times, Meta is developing a payment and currency system for its own applications and for the Metaverse. The Metaverse dollar, internally traded as “Zuck Buck”, would be an application currency. The Financial Times cites several sources close to the project.
Payment with play money
According to the Financial Times, the technology arm of Meta is considering an integrated payment system, comparable to the Robux currency of Roblox or the V-Bucks of Fortnite. Players can use these virtual currencies to purchase in-game items.
Since the in-app currency is purchased with real money, this is already a business model in itself. Meta could earn extra money from transactions within its own apps or Metaverse worlds.
Mark Zuckerberg made it clear early on in the Metaverse strategy shift that Meta imagines itself in the role of a Metaverse marketplace that attracts users with free services and apps and earns money through advertising, among other things. .
A digital currency under the control of Meta would be another lever for more sales. A Meta spokesperson confirmed to The Verge that Meta handles payments and financial services for the Metaverse.
Payment with share capital
In addition to the app’s currency, Meta also deals with a social and reputational reward system, according to the Financial Times. Useful Facebook posts could be rewarded by other users, for example.
The described system resembles Reddit’s reward system, where users can award medals to particularly successful contributions. They pay for these orders with so-called Reddit Coins, which they in turn buy with real currency. Once purchased, Reddit Coins cannot currently be exchanged for real money.
According to the Financial Times, Meta also plans to launch NFT experiences on Facebook from mid-May. In a pilot project, NFTs should be able to be published and shared on Facebook.
Meta would like to test further whether joining Facebook groups is possible on the basis of NFT ownership or for NFT minting, the so-called “minting”. Meta should also deal with traditional financial services such as small loans.