Meta owner plans to create “Zuck Bucks” to expand their reach in virtual reality sector

Meta Platforms is planning to incorporate cryptocurrencies into its suite of apps, with the goal of rewarding creators and facilitating lending and other financial transactions.

As the British lender expands its presence in the $800 billion virtual reality sector, Meta is considering creating “Zuck Bucks,” a virtual currency that consumers can use across its apps, according to the report on Wednesday.

The metaverse is a network of three-dimensional virtual environments that are designed for social interaction. In science fiction, it is sometimes portrayed as a potential iteration of the Internet as a single, universal virtual environment made possible by the use of virtual and augmented reality headsets.

Though not officially named Zuck Bucks, the initiative was reportedly given this name by internal personnel as a nod to Meta CEO Mark Zuckerberg. According to the FT report, potential plans for so-called reputation tokens, social tokens, and creator coins are also revealed, citing internal memos and unnamed sources.

However, the publication warns that the discussions are still in their early stages and “may change or be cancelled.” “There are no developments today,” told by meta representative.

“As a company, we’re focused on designing the metaverse, which includes the future of payments and financial services,” explained the representative. If successful, the initiative could provide the company with a new revenue stream as well as greater control over transactions across its suite of apps and services, which includes Facebook, WhatsApp, Instagram, and the Meta Quest virtual reality platform.

Earlier this year, Meta became a member of the Crypto Open Patent Alliance, a group of companies led by Jack Dorsey’s Block Inc that is dedicated to promoting open access to cryptocurrency technologies.

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