In the face of intense opposition from banking regulators throughout the world, Meta abandoned its plan to develop a worldwide cryptocurrency, originally dubbed Libra but then renamed Diem.
Facebook's parent company Meta is exploring the possibilities of digital money known internally as "Zuck Bucks," a pun on the founder's name. In the face of intense opposition from banking regulators throughout the world, Meta abandoned its plan to develop a worldwide cryptocurrency, originally dubbed Libra but then renamed Diem.
However, creator and CEO Mark Zuckerberg has spoken about the relevance of e-commerce and financial capabilities in his vision for the metaverse, an immersive online environment.
In response to an AFP query, a Meta spokeswoman stated, "We are always considering new product developments for individuals, businesses, and artists. As a firm, we are focusing on designing for the metaverse, which includes payment and financial services."
Also Read | Apple MacBook Air with M2 chipset expected to launch in 2022
The representative have not commented on particular developments under consideration. Digital tokens similar to those used for transactions in video games are being examined by Meta, with the internet company's version dubbed "Zuck Bucks" by those working on it, according to the media reports.
Tokens are used for transactions in popular games like "Fortnite" and "Roblox." The tokens might be used to reward artists and influencers whose posts attract large online audiences. Meta is attempting to diversify its revenue away from targeted advertising, which has raised worries about breaching consumers' privacy.
Also Read | Apple increases prices of AirPods Pro, AirPods Max and more; Check new rates here