Unfazed by the demise of its doomed digital currency Diem, Facebook is concocting another virtual token for the metaverse - Zuck Bucks.
Intended for spending only on Meta's network of sites, the digital token is aimed at keeping users from straying to rival networks like TikTok.
Quoting people familiar with the project,the FT reports that Zuck Bucks would be controlled by Meta directly — much like the in-game currencies used on games such as Fortnite and Roblox.
A spokesperson for Meta says the firm is "focused on building for the metaverse and that includes what payments and financial services might look like".
In addition, Meta is exploring 'social tokens' or 'reputation tokens', which “could be issued as rewards for meaningful contributions in Facebook groups, for example,” the FT reports. The company is also apparently looking into traditional financial services like small business loans.
Internal memos seen by the FT suggest that Meta is also exploring ways to monetize NFTs via "fees and/or ads".
A new study by Vista conducted among 2000 UK adults suggests that third of UK consumers view the metaverse as a new shopping destination, ultimately populated by most high street brands.
According to the research, 59% of Britis are familiar with the metaverse and anticipate it will take around 15 years before it goes mainstream. Seventy-three percent of respondents predict it will be most popular with Gen Z and Millennials amongst all age groups.