Facebook’s company Meta may bring digital token

Facebook’s company Meta may bring digital token: Meta is exploring the possibility of introducing the digital token that powers the social media site Facebook. Earlier Meta tried to launch a global cryptocurrency which was earlier called Libra but later changed to Diem. However, Meta had to cancel this plan due to outrage from financial regulators around the world.

Facebook's company Meta may bring digital token

The Financial Times report states that Meta’s digital token is being called ‘Zuck Bucks’ after the company’s founder Mark Zuckerberg. Zuckerberg cites e-commerce and financial tools as key to his vision of the metaverse that delivers a real-world experience. Responding to a query from the AFP news agency about this, a Meta spokesperson said, “We are constantly looking for new products for people, businesses, and creators. As a company, we are focused on building the Metaverse. And that includes payments and financial services.” However, the spokesperson did not divulge details of the specific innovations.

Meta is looking to introduce digital tokens similar to the tokens used for transactions in video games. Tokens are used for transactions in many popular games. Meta also wants to increase its sources of revenue. There have been apprehensions about the risk to the privacy of users due to the company’s advertising policy.

The company plans to expand its presence in Web 3 and has filed eight trademark applications to provide Web 3 services. These include a dating app specially designed for crypto investors. This is part of Meta’s efforts to strengthen its position in the crypto and network segments. Blockchain-based Web 3 is being touted as the next era of the Internet.

Cryptocurrencies and non-fungible tokens (NFTs) may have a major stake in this. Meta plans to bring new products and services on blockchain technology that work for the Web 3 industry. The company is expected to launch new social networking platforms, computer software, e-commerce services, telecom services for digital asset holders as well as offer meta-related advertising platforms.

Sunil Kumar writes about smartphones and laptops for Gadgets 360 Tech News based out of Mumbai. He is Deputy Editor (Reviews) at Gadgets 360 Tech News. He has written frequently about the smartphone and PC industry and has an interest in photography as well.

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