\n<\/p>\n
Meta has drawn up plans to introduce virtual coins, tokens and lending services to its apps, as Facebook\u2019s parent company pursues its finance ambitions despite the collapse of a project to launch a cryptocurrency.<\/p>\n
The company, led by chief executive Mark Zuckerberg, is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram \u2014 a trend that threatens its $118bn-a-year ad-based business model.<\/p>\n
Facebook\u2019s financial arm, Meta Financial Technologies, has been exploring the creation of a virtual currency for the metaverse, which employees internally have dubbed \u201cZuck Bucks\u201d, according to several people familiar with the efforts.<\/p>\n
This is unlikely to be a cryptocurrency based on the blockchain, some of the people said. Instead, Meta is leaning towards introducing in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps such as the Robux currency in popular children\u2019s game Roblox<\/em>.<\/p>\n According to company memos and people close to the plans, Meta is also looking into the creation of so-called \u201csocial tokens\u201d or \u201creputation tokens\u201d, which could be issued as rewards for meaningful contributions in Facebook groups, for example. Another effort is to make \u201ccreator coins\u201d that might be associated with particular influencers on its photo-sharing app Instagram. <\/p>\n Meta has also been exploring more traditional financial services, with a focus on helping to provide small business loans at attractive rates, according to several people familiar with the initiative. While nothing is immediately planned, the company has previously held discussions with potential lending partners, one of the people said.<\/p>\n Most of the efforts are in the early stages of being discussed and could change or be dropped, although its plans to integrate non-fungible tokens, or NFTs, into its apps are more developed. Zuckerberg confirmed an earlier Financial Times report<\/a> that Instagram would soon start to support NFTs.<\/p>\n According to one memo shared internally last week, Meta plans to launch a pilot for posting and sharing NFTs on Facebook in mid-May. This will be \u201cquickly followed\u201d by testing of a feature that will allow membership of Facebook groups based on NFT ownership and another for minting \u2014 a term for creating \u2014 NFTs.<\/p>\n NFTs may be monetised via \u201cfees and\/or ads\u201d in the future, according to another internal document. Facebook declined to comment.<\/p>\n