Zuckerberg scrambles to monetize the metaverse amid fears over Meta’s future
Are “Zuck bucks” on the way?
Virtual money
The announcement came days after reports emerged that Meta plans to add virtual coins, tokens, and lending services to its apps.
Sourcestold the Financial Timesthat the currency has been dubbed “Zuck Bucks” by Meta staff, who “lovingly” refer to their bossas “Eye of Sauron.”
The coin is expected to resemble the in-app tokens used in Roblox and is unlikely to be based on the blockchain.
Another potential idea is offering “social” or “reputation” tokens as rewards for contributions, which will hopefully be closer toReddit’s karma pointsthanChina’s social credit system.
In addition, proposals have been made to provide creator coins to influencers and offer more traditional lending services.
Meta’s challenges
The plans were revealed at a troubling time for the company.
In February, Meta had a one-day stock crash thatmay be the worst of all time, after Facebook lost daily users for the first time in its 18-year history.
The fallout fromthe Facebook Papers, competition from TikTok,Apple’s new app-tracking policy, anda $10 billion annual splurge on the metaversehave compounded the concerns.
The new ideas for revenue streams may eventually arrest the decline, but the company’s transition from social media to the metaverse seems some way from paying off.
Story byThomas Macaulay
Thomas is a senior reporter at TNW. He covers European tech, with a focus on AI, cybersecurity, and government policy.Thomas is a senior reporter at TNW. He covers European tech, with a focus on AI, cybersecurity, and government policy.
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