Meta has gone through a lot of ups and downs since the company's name change, and before CEO Zuckerberg's vision of metaverse becomes a reality and actually translates into revenue, the social media giant faces the problem of an urgent need to adjust its revenue structure, especially since its profits rely heavily on advertising revenue.
This is perhaps the biggest motivation for Meta to develop a variety of different products in an attempt to diversify its products. Among the various upfront products the company is developing, it is likely that one is related to virtual currencies, and these development projects may also be part of Meta's layout for metaverses.
According to the Financial Times, Meta is preparing to launch a virtual currency for the company's meta-universe plan and will likely introduce it into its applications.
And the virtual currency is said to be called "Zuck Buck" within the company. The name "Zach Coin" comes from the name of Zuckerberg, CEO of Meta, and it is not difficult to see that this virtual currency project has been promoted or supported by the CEO of the company.
In fact, in February, Zuckerberg has transferred the responsibility of external communications to Nick Clegg, the company's president of global affairs, and Zuckerberg will devote himself fully to the company's strategy.
Figure丨 "Zack Coin" concept image (Source: Future - PC Gamer)
Meta's cryptocurrency dream has been shattered, or is it still exploring?
According to the Financial Times, this "Zack coin" may be different from Bitcoin, Ether, etc., and may not exist in the form of a blockchain-based cryptocurrency.
In January of this year, Meta was reported to be selling cryptocurrency project Stablecoin Diem, which also meant that the company's cryptocurrency dreams were shattered, and the new "Zaq Coin" project was allegedly launched after this.
In 2019, Meta, then known as Facebook, tried to tap into blockchain payments and cryptocurrencies through its Libra program, a project that was also backed by large companies such as credit card issuers.
However, the plan soon came under scrutiny from regulators, including the Federal Reserve, and faced many major issues such as regulatory resistance. Despite various attempts, including renaming the program Diem in 2020, the plan ultimately failed.
Zack coin may purportedly function as a simpler in-app token, perhaps similar to robux, a game coin in roblox, a VR-compatible, 3D, etc. online creation game, or V-Bucks in the third-person shooter Fortnite.
Picture 丨 V-Bucks in the third-person shooter Fortnite (Source: PCGamesN)
However, it is also reported that Meta companies have not completely abandoned the exploration of cryptocurrencies or blockchain technology.
One possibility is that "Zachcoin" will probably exist in the form of an "in-app token", and an in-app token can have multiple properties and functions. For example, in the blockchain games CryptoKitties and Axie Infinity, these tokens are unique and irreplaceable.
In these games, each token is a digital object with unique characteristics, which can be a serial number, name, character, or game object, etc. Often in blockchain games, these tokens are also referred to as "crypto collectibles."
Figure丨 Tokens in the blockchain game "CryptoKitties" (Source: BTCGeek)
It is worth mentioning that in fact Meta has begun its own exploration in the field of NFT (non-homogeneous tokens, Non-Fungible Token). NFTs are a way to own digital content that can be photos, GIFs, etc., and its main feature is its uniqueness and liquidity.
In March, Zuckerberg announced that the company was working to introduce an irreplaceable token, NFT, into Instagram. In the future, he said, creators will be able to "mint" their irreplaceable NFT tokens in their apps.
In addition, according to sources, Meta is also considering adding the ability to publish and share NFTs for Facebook as well. Sources say the company plans to launch a pilot project in mid-May and will conduct a series of tests after launch.
In addition, according to the Financial Times, in addition to the virtual currency field, Meta companies are also exploring traditional financial services, including providing loans for small businesses.
Although when foreign media reporters asked Meta to verify whether these rumors were true, its spokesperson only replied to them in an email that "there is still no news to share at this time."
However, the spokesperson said that for a company that believes in the progress of the virtual world or metacosm and is committed to its exploration, it is not impossible to have a virtual currency that has developed itself. "As part of the development of metaverses technology, Meta is indeed conducting research on payments and financial services aspects of metaverses," he said. Meta will continue to think about the innovation of people, enterprises and creators. ”
In the end, what form will meta's mysterious "Zaq coin" take, it may continue to wait.
-End-
reference:
https://www.theverge.com/2022/4/6/23013896/meta-facebook-zuck-bucks-finance-financial-services-products
https://www.pcgamer.com/meta-is-apparently-creating-its-own-digital-zuck-buck-lord-help-us/
https://www.thestreet.com/technology/facebook-zuck-buck-metaverse