CJ - Cryptocurrency Enthusiast
After the disastrous Diem/Libra stablecoin launch, Facebook's parent company, Meta Platforms, is poised to offer virtual tokens, cryptocurrencies and loan services to its applications community.
Meta is reportedly working on a new cryptocurrency that will be used to reward creators across its many social media platforms, as well as for lending and other financial activities, such as crypto market investment.
Zuck Bucks, a cryptocurrency created by Meta that is intended for the metaverse, may not be based on blockchain, according to sources close to the project. In its place, Meta plans to release in-app tokens that will be centrally controlled by the company. Meta may use the Zuck Bucks to convince customers to stay as revenue declines as more users go to newer rivals like TikTok.
Meta applied for eight separate crypto-related trademarks with the US Patent and Trademark Office in March. While Meta has declined to offer updates on its metaverse and new virtual currency, its CEO, Mark Zuckerberg, stated last month that Instagram will include non-fungible tokens (NFTs) in the "near term."
According to an internal memo at Meta, efforts to incorporate NFTs into Facebook are in the works.
However, given Meta's previous experience with Diem/Libra, the internet giant might decide to avoid cryptocurrencies in order to obtain regulatory approval.
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