- The virtual currency is unlikely to be a cryptocurrency but rather in-app tokens.
- Meta also plans to soon bring NFTs to Facebook and Instagram.
- The company is looking to move all of its platforms to the Web3 world.
Meta is reportedly working on a new virtual currency for its apps after abortive efforts to launch a cryptocurrency.
The Financial Times reported on Thursday that Meta is working on virtual coins and tokens as part of its broader "metaverse" efforts to create a pervasive virtual world. A metaverse-specific currency, which is in the early planning stages, has been nicknamed "Zuck Bucks" by employees, according to the paper.
The digital coins would unlikely be a cryptocurrency but would rather be in the form of in-app tokens controlled by Meta, the FT reported, citing people familiar with the situation.
Its part of a strategy designed to attract users and create new revenue streams as the firm seeks to tackle fading popularity of its Facebook and Instagram platforms, the paper reported.
"We're making changes to our product strategy and road map . . . so we can prioritize on building for the metaverse and on what payments and financial services will look like in this digital world," the head of Meta's finance division, Stephane Kasriel, wrote in a memo, the FT reported.
Meta's once-ambitious global cryptocurrency venture, Diem, failed to launch earlier this year because of concerns about financial stability and a lack of user privacy protections. Still, the company is serious about moving all of its platforms to the Web3 world, having filed eight trademark applications last month to attach its logo on various cryptocurrencies and the metaverse.
Meta did not immediately respond to Insider's request for comment made outside its normal working hours.
Meta is additionally looking to create "social" or "reputation" tokens that would reward users for their contributions to Facebook groups, while also looking to create "creator coins" for influencers on Instagram, according to a company memo seen by the FT.
While the virtual currency plans are still in the planning stages, the FT also reported that Meta intends to launch a trial program of posting, creating and sharing NFTs on Facebook by mid-May.
Meta confirmed last month that it would soon bring NFTs to Instagram.