Meta on a smart phone on top of American currency
Jade Small
Jade Small
April 12, 2022 ·  4 min read

Meta plans ‘Zuck bucks’ virtual coins for Facebook and Instagram users

Since the dawn of Bitcoin, the concept of cryptocurrencies has boomed in popularity across the globe. More and more cryptocurrencies have since been developed. Well, now there are even various types of coins that have been developed that serve a particular function. With all the variations, one might have wondered when Facebook and other social media platforms would join in on the parade. Today we introduce to you Mark Zuckerberg’s latest innovation – a virtual coin called “Zuck bucks.

What Inspired Zuck Bucks?

In case you were wondering Facebook was founded by Mark Zuckerberg and is a property of Meta (formerly known as Facebook Inc.). Facebook has been the leading choice of social media platforms for many years. They even bought Instagram for one billion dollars. With other platforms like TikTok surging in popularity, competition is stiff and their revenue is at risk of dropping. Meta needed to come up with a plan that might help its platform remain at the top.

Zuckerberg had mentioned in an interview that he was aware of Facebook’s decline in popularity and that he was losing to the video-sharing app that is always providing fresh entertainment. That platform is TikTok. He said. “People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly.” 

He is not wrong either, because, in September 2021, BBC stated that even YouTube had less watch-time than TikTok, which is no small feat. Nonetheless, Meta has plans to introduce some virtual products to Facebook and Instagram users. We can look forward to things like “creator coins” that all users and influencers can utilize within the app. 

Read: Facebook Warns Against Screenshotting Messenger Chats Due To New Update

Are Zuck Bucks a Form of Cryptocurrency?

This is a new phenomenon indeed! You are probably itching to find out what to expect from the Zuck bucks that are said to be released. This is what the Financial Times had to say about it. “Meta is leaning towards introducing in-app tokens that would be centrally controlled by the company. Similar to those used in gaming apps such as the Robux currency in popular children’s game Roblox.”

Mark Zuckerberg’s plan for a cryptocurrency, Libra (later Diem) was abandoned early in 2022.
Susan Walsh/AP

This goes to show that the coins Facebook releases will not act like the average cryptocurrencies, even though they have considered getting into the financial side of things a few times. The virtual coins that Facebook releases are likely to remain as a method for in-app purchases. Like reward systems (similar to how TikTok has rewards that you can gift your favorite creators, and creators can buy coins that can help promote their content to gain followers).

What to Expect from Zuck bucks

The Financial Times has done its own research and has shared it with the world. They have said the plan is still in a basic form, but it is on its way. The project that initially started this idea of virtual coins was called Libra, but they were facing too many obstacles from the US regulators.  The project was then rebranded, Diem. 

Meta has big plans for Facebook and Instagram’s future in virtual coins AKA Zuck bucks. Together, they are toying with the idea of creating NFTs for the platform. According to the Financial Times Meta wants to start testing granting “membership of Facebook groups based on NFT ownership and another for minting.”  

Lauren Dickson is the spokesperson for Meta. So, she has released some statements to The Verge. Unfortunately, they did not have any new updates that day for them, but she went on to state that they are. “continuously consider new product innovations for people, businesses, and creators…[and] as a company, we are focused on building for the metaverse and that includes what payments and financial services might look like.”

What’s to come from Zucks Bucks?

Information on Facebook’s NFTs will be elaborated on later, but now we know they are headstrong about this next venture. For now, we know that they are busy developing the beginning stages of in-app virtual coins. There will be coins that work similarly to the TikTok rewards coins that we mentioned earlier. Also, they will be called either “reputation tokens” or “social tokens.” According to Financial Times these tokens. “Could be issued as rewards for meaningful contributions in Facebook groups, for example.” This project might be in its foundation phase for now, but at least we have something to look forward to.

Keep Reading: Facebook Agrees To Pay Out $90,000,0000 To Users Over Data Tracking

Sources

  1. Meta plans ‘Zuck bucks’ virtual coins for Facebook and Instagram users.The Guardian. April 7, 2022.
  2. Meta Plans “Zuck Bucks” for Facebook, Instagram Users.” The Greek Reporter. April 8, 2018
  3. Facebook’s Meta plots move into virtual currency with ‘Zuck bucks’ and ‘reputation tokens’: report.Euro News. April 4, 2022