Despite the failure of the cryptocurrency project, Target there are still plans to enter the market coins virtual, tokens and Services loans for metaversewhich employees nicknamed “Zuck Bucks” because of the CEO’s name. mark Zuckerberg.

This feature will work similarly to some existing ones, such as the robux currency in the popular game Roblox. Meta, Facebook’s parent company, will inject the tokens into the application it will operate. In addition, there is also the idea of ​​”social tokens” or “reputation tokens” that could be given out as a reward for significant contributions to groups on the network.

See also: Rio de Janeiro will accept cryptocurrencies to pay for IPTU

For Instagram, which is also part of the “umbrella”, the group is looking into creating a “creator currency” that will be linked to specific influencers.

In addition to projects for the Metaverse, Meta is also seeking traditional financial services in the credit market, and discussions are already underway with potential partners that will target small businesses, though nothing has been confirmed.

Meta wants NFTs to be available from May

According to an internal memo, the company is more advanced in NFT-related ideas. Meta wants to publish and share non-fungible tokens on Facebook starting in May. Zuckerberg said in a Financial Times report that he intends to do the same on Instagram.

Meta’s new projects in the digital market are part of her attempt to return to the top of the “audience” in social networks. Facebook and Instagram have lost users recently, and the company’s market value has fallen by more than $220 billion. TikTok, the network’s main competitor, has garnered a lot of followers for it.

See also: Senate approves new rules for cryptocurrencies in Brazil

According to Meta’s head of finance Stefan Kasriel, the strategic changes will serve to “prioritize how the metaverse is built and how payments and financial services will be in this digital world.” They also include a payment service facility that will include a single wallet for Whatsapp and Facebook Pay and will help creators “monetize their activities” with NFTs.

“The wallet will offer payments, identity and digital asset management within [grupo de aplicativos e Reality Labs] and over time to other apps/websites,” he said in a memo.

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Source: Ars Technika