MARK ZUCKERBERG is understood to be making a new digital coin for his metaverse – and the coins are nicknamed “Zuck bucks”.
Meta is looking at the possibility of using its own virtual currency in the future as a method of payment on its platforms.
Unlike a cryptocurrency, it is thought the digital tokens will have a price fixed by Meta and will not be openly traded on exchanges.
Extensive planning is in the works for transforming Meta’s future after Zuckerberg announces his intentions to build a metaverse last autumn.
The move to create a virtual coin comes after Zuckerberg’s attempt to make a cryptocurrency ended in failure.
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Libra – later rebranded as Diem – was originally set to launch in 2022 but was abandoned in January of this year after issues with US regulators.
But as Meta looks at how it plans to operate in the future, fresh plans for a digital current are thought to be being drawn up.
The digital coins would create bring new ways for the company’s platforms to monetise their content.
It would work in a similar way to Amazon’s Twitch platform and the video social media app TikTok.
On those platforms users can buy coins to then buy gifts and tip favourite creators.
Copying the model would allow Meta to move away from relying on advertising for revenue in the future.
Zuckerberg is placing all of his focus on building his metaverse vision, which he says will take about 10 years to create.
Earlier this year he announced he was taking a step back from some of his day-to-day responsibilities in order to focus on the development.
In February he gave insight into what Meta’s artificial intelligence research was working on as he showcased a number of AI projects during a live-streamed “Inside the Lab” event.
