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Meta looking to enter digital finance realm with 'Zuck Bucks'

Mark Zuckerberg's latest project is for the tech giant to develop virtual coins that would help its platforms rely less on advertising.

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Roberto Wakerell-Cruz Montreal QC
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So-called "Zuck Bucks" are Facebook founder and Meta CEO Mark Zuckerberg's latest project, as the tech giant looks to develop virtual coins that would help its platforms rely less on advertising.

Meta is looking to develop a range of products for their virtual space, reports The Guardian. These include "creator coins," to diversify income and to attract new users. This is likely in an effort to bring in users from rival company Tiktok, who currently have a rewards system in place.

Meta continues to be the powerhouse of the social media world, bringing in revenues of $118 billion in 2021, with a current userbase of 4.9 billion between Instagram and Facebook.

Tiktok, however, recently passed the billion-user threshold.

Due to rising players such as Tiktok, Meta is now "exploring ways to further monetize its user base," according to the Financial Times.

"Creator coins," "social tokens," and "reputation tokens" are all options being looked at by Meta. This likely in an attempt to mimic Twitch's successful tipping system where fans can donate voluntarily to their favorite streamers. Tiktok has a similar voluntary tipping system in place, with both platforms allowing users to watch content for free.

Facebook has entered the digital financial world before. In 2009, Facebook launched Facebook Credits for in-app purchases to then-popular games, such as FarmVille. It would later be shut down due to the company's international growth which made it expensive to convert currencies.

Meta is also exploring its options in the NFT world, with plans to intergrate into Instagram and Facebook. As of now, platforms such as Twitter allow users to put NFTs as profile pictures with specific hexagon-shaped frames.

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