Meta is Trying to Launch Another Virtual Currency, Moves Away From Crypto After Diem Failure

A lot of people have likely forgotten about Facebook’s past attempts to launch its very own currency by the name of Diem, and that’s likely because of the fact that this is the sort of thing that could potentially end up harming Facebook’s PR which is why they brushed it under the rug. In spite of the fact that this is the case, the company might be dipping its toes back into the world of virtual currencies, although this new project is somewhat different.

According to a recent report published by the Financial Times, Meta is taking a leaf out of Roblox’s book to create in-app tokens that can function as a currency. The internal name that is being unofficially used for the currency is “Zuck Bucks”, likely after the founder of the organization, Mark Zuckerberg. While they might likely change the name for various reasons, Meta is clearly trying to replicate the enormous financial success that Roblox received with its Robux.

With all of that having been said and now out of the way, it is important to note that this currency is likely not going to be based on the blockchain. Meta has various blockchain related projects underway as well, with Instagram reportedly getting NFTs sometime soon according to Zuckerberg’s statements in March, but the so called Zuck Bucks might not be a part of them and would instead be tokens that can be purchased with real money and that won’t be traded on markets like crypto which leads to dramatic price fluctuations.

These tokens could also be a part of reward systems that Meta might incorporate in the near future, and it will be interesting to see what other projects the company has in store. Meta has been reworking its plans in the face of unfavorable public perception and a rapidly declining market cap, and these new projects could form the bulwark that would protect the company from going the route of Yahoo, more specifically falling into obscurity despite being one of the most profitable and influential institutions of its era.

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