Meta's 'Zuck Bucks' - Here's What We Know

Meta, the parent company of social networking sites such as Facebook, Instagram, and WhatsApp, is vying to create a virtual currency called ‘Zuck Bucks’. This comes after its cryptocurrency project, Diem (formerly known as Libra) was shut down.

But what actually is Zuck Bucks? Here’s a quick summary of the commonly asked questions about the said virtual currency.

What is Zuck Bucks?

It is an in-app virtual currency that is to be centrally controlled by Meta. The Financial Times mentioned that it is analogous to the popular children’s game Roblox’s virtual tokens called Robux. The Zuck Bucks is said to be a step towards the company’s attempt to develop a metaverse, a virtual reality shared by the people of the Internet.

How will Zuck Bucks work?

Various social or reputation “tokens” will be given to users with “meaningful contributions” in Facebook communities and groups. Similarly, Instagram influencers can get “creator coins” for the posts that they upload. Another prospective service that Meta plans to do with Zuck Bucks is providing financial services to small businesses like loaning and funding.

Is ‘Zuck Bucks’ its actual name?

The term ‘Zuck Bucks’ was coined by the employees of Meta as a stand-in name for the virtual currency that the company is developing. Clearly, the witty name is derived from the name of Meta’s Founder and CEO, Mark Zuckerburg. It may sound funny, but Zuck Bucks is definitely easy to remember.

Is Zuck Bucks available already?

According to sources, Zuck Bucks is still in the development stage. The company has not given details on its release yet.

Meta’s venture to find new revenue streams does not stop there as Zuckerberg also mentioned that NFT projects will be launching later this year on Facebook and Instagram. It truly has its eyes on creating a new virtual space for its current and potential users. Now that Zuck Bucks is on its way, it is interesting to see what the company will do next to achieve this.