According to the Financial Times, Meta has likely abandoned its Diem cryptocurrency. However, the company is still exploring the possibility of using other financial products, including virtual currency, which employees have already dubbed Zuck Bucks.
The Zuck Bucks currency is apparently named after Meta founder, chairman and CEO Mark Zuckerberg. And it is unlikely that it will be a cryptocurrency. Instead, Meta is leaning towards injecting tokens into applications that will be centrally controlled by the company, similar to those used in gaming applications, such as the Robux currency in the game Roblox. Roblox has built a huge business selling Robux and Meta may try to replicate that success on their own platforms.
At the same time, Meta has not completely distanced itself from blockchain products as the company is also considering issuing and swapping NFTs on Facebook. According to the source, the company plans to launch a pilot project with NFT in mid-May. And shortly thereafter, Meta will test Facebook group membership based on NFT ownership as well as NFT minting.
In addition, Meta is exploring “social tokens” or “reputation tokens” that “may be issued as a reward, for example, for meaningful contributions to Facebook groups.” The company also appears to be exploring traditional financial services such as small business loans.
Meta spokeswoman Lauren Dixon said the company is constantly looking at innovative products, but so far “no news.”