Meta is finally working on a virtual token system for its metaverse

The Meta group is working on a virtual token project, after the failure of its cryptocurrency, Libra. These tokens to be exchanged could be used within the framework of the famous metaverse.

Source: Unsplash Dima Solomin

Meta, who firmly believes in its metaverse, is still working on the question of the financial system to integrate into it. The group that owns Facebook and Instagram in particular is therefore considering creating an exchange currency, via virtual tokens. It would therefore be a different system from what was first envisaged from 2019, with the creation of a new cryptocurrency. A project that did not please the regulators and which has since been abandoned.

“Zuck Bucks” in the metaverse

Meta, faced with the concern of the financial markets, would therefore have changed its tune. The group would now work on another system to monetize its metaverse, namely virtual tokens that would serve as currency.

the FinancialTimes thus teaches us that this would be similar to what is done in video games, for example with the V-Bucks in Fortnite. Meta employees would refer to this budding currency as “Zuck Bucks”, a term of course inspired by the name of the creator of Facebook, Mark Zuckerberg.

But there would not be just one type of tokens. “Social tokens” or “reputation tokens” could also be distributed as a reward for significant contributions. A specific currency, “designer coins” could also be attributed to influencers. The latter could thus easily monetize their content.

This new project, led by the group’s financial branch, Meta-financial technologieswould allow Meta to diversify its income. Currently, they are mainly based on targeted advertising, a model that poses problems for regulators, particularly in Europe, with respect to the issue of respect for users’ personal data.

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