Mark Zuckerberg aims to create “Zuck bucks” for those who use Facebook and Instagram as part of a suite of goods that will reduce the reliance of his platforms on advertising in the future metaverse.
Facebook’s parent company, Meta, is working on several new virtual goods, including digital tokens and “creator coins,” to diversify its revenue and retain its consumers, who are rapidly moving to upstart competitors like TikTok.
Although Meta is still the most popular social media network, TikTok has grown a sizable non-advertising business via in-app sales and e-commerce. On Facebook and Instagram, TikTok has 4.9 billion monthly active users. In 2021, Meta’s sales increased by 37% to $118 billion.
According to a story in the Financial Times, there are now additional possibilities for Meta, which has been eager to mimic popular technologies from rivals like Snapchat, to generate more money from its customers.
They’re thinking of “social tokens” or “reputation tokens,” which users may use to earn discounts or presents. The startup is also looking at “creator currencies,” which may be used by Instagram influencers.
TikTok, like Amazon’s Twitch, offers a tipping system where users may purchase coins and then use them to purchase presents for their favorite producers. They’ll be able to give them to them after that. Creators may also purchase coins to utilize tools like Promote to increase the number of people who view or follow their TikTok videos.
The initiatives, overseen by Facebook’s finance department, Meta Financial Technologies, follow the company’s attempts to create a worldwide cryptocurrency dubbed Libra and later Diem, both of which were canceled earlier this year because of regulatory issues in the United States.
This isn’t the first time Facebook has attempted to enter the realm of digital currency, but it certainly isn’t the first. It introduced Facebook Credits in 2009 to enable purchasing items in games like Zynga‘s FarmVille simpler. It was shut down after four years because the expenses of foreign currency conversion were too high due to Facebook’s worldwide expansion.
Meta intends to make non-fungible tokens (NFTs) available for usage on Instagram and Facebook as well. as virtual coins called “Zuck Bucks”