Meta Is Considering Creating Tokens For Its Metaverse: Report

Meta is considering creating tokens for its metaverse and although Diem could be gone, Facebook’s parent company starts exploring other types of tokens as it creates the metaverse so let’s read more in today’s latest cryptocurrency news.

Although Meta gave up on the plans to create the Diem stablecoin, it is still interested in creating new tokens for its metaverse. The Financial Times reports that Meta is exploring a centralized in-app token similar to ROBUX for the Roblox game. This means that it would not be a cryptocurrency but according to the reports, some Meta staffers are referring to the tokens as Zuck Bucks.

Citing company sources, Meta is considering creating new tokens for the metaverse and has plans for social tokens, creator coins, and reputation tokens. The publication warned that the discussion is still in its early stages and could change or even be dropped. The metaverse is an immersive version of the internet that incorporates virtual reality and augmented reality so the goal is to put forward in “Snowcrash” and “Ready Player One” which are onlien worlds that look like the real world with financial elements in them.

The race is to build the metaverse and although the word implies that something is all-encompassing, Web3 companies are pushing ahead for an open-source version of the metaverse and they said it In separate from Facebook efforts. The executive chairman of the game publisher Animoca Brands Yat Siu said that Meta represents the open metaverse. Back in January he doubled down and said:

 “Facebook is looking to build a closed metaverse, one where they control the data and the network effects that the data derives, so what they are building is less competition than simply antithetical to what we are doing.”

The criticism hasn’t stopped Meta from marching forward. The reports show that the company plans on a pilot for NFT posting feature and said that the internal documents show it is considering monetizing the blockchain-based companies with fees or ads. NFTs are the main cog in visions of the metaverse and Polygon Studios lead brian Trunzo said that:

 “I think anything that can become an NFT will become an NFT.”

Interacting with people and NFTs, in the metaverse will require a currency but not Diem or Libra. Meta announced the stablecoin project in 2019 but after enduring a lot of setbacks, most of them were regulatory and ended the proejct and sold the remaining assets as well as intellectual property to Silvergate. The FT Reports said:

 “Staffers are now trying to find the least regulated way to offer a digital currency, two people said, with a digital token that is not based on the blockchain emerging as the most attractive option.”