Meta Platforms Inc (NASDAQ: FB) is reportedly revisiting its digital asset plans after having failed to launch Diem, a cryptocurrency that it spent years creating.
What Happened: Meta is seeking to introduce digital cash, tokens, and lending providers to its apps, the Financial Times reported on Wednesday, citing individuals near the matter.
The transfer is seen as a possible option to safe “alternative revenue streams” amid declining curiosity in social networking apps like Facebook and Instagram.
Employees have internally dubbed the deliberate digital forex providing “Zuck Bucks.”
Why It Matters: Unlike blockchain-based cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD, these tokens are prone to be centralized in-game app tokens managed by Meta, comparable in idea to Roblox Corp’s RBLX Robux forex, in keeping with the report.
Last month, Meta filed a number of emblems for crypto tokens, buying and selling wallets, and blockchain software program.
Meta can be exploring social tokens as a reward system for significant contributors and creator cash related to Instagram influencers, as per an inner memo.
One memo suggests Meta intends to launch a pilot for posting and sharing NFTs on Facebook in mid-May. The doc additionally states that these NFTs could also be monetized by way of charges or advertisements sooner or later.
See Also: Meta Plans To Allow Users To Mint, Sell NFTs On Facebook, Instagram: Report
Price Action: According to knowledge from Benzinga Pro, Meta shares closed 3.68% decrease on Wednesday.
Photo: Courtesy of Anthony Quintano on Flickr