After The Failure Of The Diem Project, Meta Digital Currency Plans Have Been Revived

While still reeling from its failed attempt to develop its own cryptocurrency, Meta has revealed plans to provide virtual currencies and tokens in the near future. That makes it almost certain that there is going to be a Meta Digital Currency.

The Name Of The Meta Digital Currency

Zuck Bucks is the name given by insiders to the virtual currency created by the firm, which was once known as Facebook, in order to generate new income streams for the company. According to a story in the Financial Times, it is unlikely to be built on blockchain technology.

Instead, the company’s own in-app tokens would be a more plausible choice to consider in the future.

Stephane Kasriel, the head of Meta’s financial department, explained why the company is changing its product strategy and road map. “We’re making changes to our product strategy and road map… so that we can prioritize on building for the metaverse and on what payments and financial services will look like in this digital world,” he said.

Meta is also exploring the possibility of developing “social tokens” or “reputation tokens.” It is possible to issue tokens to users in exchange for their good contributions to the network. Other tokens, referred to as “creator coins,” may be rewarded to certain Instagram influencers on the company’s social media platform.

Communities may be given additional moderating authority

According to the Financial Times, the compensation programs “may enable Meta to withdraw itself from the role of central content administrator and give Facebook groups greater autonomy in monitoring their own material.”

Meta also intends to provide NFT-based Facebook group memberships, according to internal insiders who spoke to the Financial Times. Earlier this week, a document was sent describing intentions to test digital collectibles on the most prominent social networking platforms until the middle of May.

Furthermore, CEO Mark Zuckerberg has previously indicated that NFTs would be introduced to Instagram in the near future. He said that the team is now focusing on the technical aspects of the situation at hand. Instagram’s NFT capabilities will be available in the “near future,” according to Zuckerberg’s statement at South by Southwest (SXSW).

There has been previous experimentation with digital currency by Facebook CEO Mark Zuckerberg’s company. From early 2022 till the end of 2019, Facebook worked on a stablecoin project dubbed Diem. However, it was found to be in violation of Federal Reserve (Fed) regulations and was therefore discontinued.

Diem Payment Network’s intellectual property was sold to Silvergate Capital Corporation for $182 million on the final day of January. Diem Payment Network was founded in 2002. Diem CEO Stuart Levy, on the other hand, is optimistic that Silvergate will be able to revive the project.