The parent company of Facebook is now looking to create a native token despite previous unsuccessful attempts of spearheading the blockchain industry.
While Meta has been one of the first large tech companies out of the Big Five to show interest in crypto, the corporation has yet to show anything worthwhile to the community.
However, according to a recent report by Financial Times, the tech conglomerate is seemingly cooking up a new recipe for its crypto initiatives, hopefully not a disastrous one.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Ethereum Classic & ETC Coin? (Animated Explainer)
FT reached out to people familiar with the matter and found out that Meta is planning the launch of its centralized native token called "Zuck Bucks." However, according to them, the tokens would not be part of the global cryptocurrency market.
The "Zuck Buck" token would be a sort of a native currency that is controlled by Meta and used only for in-app purchases or other transactions that do not leave its ecosystem, similar to the video game platform Roblox and its native currency Robux.
Likewise, FT’s sources claim that Meta is also likely to introduce community-based coins such as reputation, social, and creator tokens as rewards for contributing to the platform’s success.
With that being said, knowing Meta’s earlier crypto initiatives, it's still unclear whether the tech giant will go through with this. The most probable initiative, which was said to be launched in May, would be the integration of NFTs on both Facebook and Instagram.
Even more so, other prominent figures in the industry felt quite let down due to Meta’s ongoing trend of pulling the plug on crypto projects.
Back in February, Meta sold its stablecoin project Diem to a US-based cryptocurrency bank Silvergate as the team behind the project was not able to deal with local regulators. Shortly after, Ex-CEO of Twitter and Founder of Block Jack Dorsey slammed Meta for canceling its stablecoin project Diem, calling it "wasted time and effort."
