On the way to a digital currency

Mark Zuckerberg is looking to develop “Juck Bucks” for Facebook and Instagram users. What is this about?

A pilot project in mid-May

Meta seeks to develop new electronic currencies with a range of virtual products – including digital tokens. Dubbed “Zuck Bucks” after Meta CEO Mark Zuckerberg, they will not be an ordinary cryptocurrency.

Designed to reduce its platforms’ reliance on advertising in the metaverse, they will diversify revenue and win back its user base, which is increasingly turning to serious competitors, namely TikTok. Actually, TikTok regularly releases important and relevant updates apart from making it a huge non-advertising e-commerce based business.

Recall that the company previously worked on Diem (formerly known as Libra), but this stablecoin project was terminated earlier this year. US regulators refused them the necessary approvals regarding currency valuations, the stability of the value of cryptocurrencies and its impact on competition.

As part of this new Juke Bucks project, Meta plans to launch a pilot in mid-May and then conduct a test to enable “membership in Facebook groups based on NFT ownership” Is. Meta really wants to enter the world of non-fungible tokens or non-fungible tokens, which are certificates specifically designed to guarantee the authentic and unique character of digital files in works of art. The company plans to strategize to integrate them on Instagram and Facebook.

Last March, Mark Zuckerberg confirmed at the South by Southwest (SXSW) festival that digital collectibles would indeed be coming to Instagram “in the near term.” Still, he didn’t specify how this would shape up, but suggested that users could show their existing NFTs and possibly create new ones.

They said :

“I am not ready to announce what it will be like today. But in the next few months, the ability to integrate some of your NFTs, hopefully over time, could lead to things in this environment. »

Towards the integration of tokens in applications

The idea behind this meta virtual currency is what you already know as an in-app token.

Perhaps the most widely used and well-known token right now is the robux currency that operates in the roblox universe. You buy Robux with real money, just like in-app purchases offered in apps and games. So it’s no surprise that Meta took inspiration from Roblox to develop Zak Rs.

Meta thus plans to include “social tokens” or “reputation tokens” that can be used for multiple projects. They can be used by users as rewards, for example, for significant contributions to Facebook groups. The company appears to be exploring more traditional financial services such as small business loans. He is also investigating “creative pieces” that could be used by influencers on Instagram.

Thus, it is “unlikely” to become a cryptocurrency, as it is the introduction of an in-app token that will be centrally controlled by the company. While it’s unlikely to be its last name, Zuck Bucks could become the currency of Facebook and Instagram, as well as the upcoming Metaverse experience, with all these possibilities.

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