Meta
Deemed "Zuck Bucks" by Meta employees, the digital currency isn't a blockchain-based crypto asset like Facebook's failed Diem coin. The currency seems to function more like the "coins" or "points" systems found in games with content creation tools, such as Roblox
If Meta's system functions similarly, users will be able to purchase currency for use within their platforms. According to reports, users on Facebook can earn currency ("social coins" or "reputation coins") for contributions made within groups, though it's unclear if there are other ways to earn currency. If Meta extends this feature to allow users to monetize their content on its platform (akin to Roblox and Second Life), the company could potentially create a similar self-sustaining economy to the benefit of content creators and themselves.
Despite seeming to shy away from the blockchain with its digital currency, the company is still forging onward with integrating NFT features into Instagram. Meta plans to pilot features to allow users to post NFTs on Instagram in May, with apparent plans to begin offering services to mint tokens later on.
Meta's currency ambitions and its coming NFT features seem to reflect a change in strategy, with the company seemingly diversifying its interests. The shift comes after losing a quarter of its share value earlier this year due to decreasing user traffic and taking substantial hits to its advertising business from privacy changes to Apple
While a well-executed digital currency deployment could certainly help produce new income, NFT features seem less likely to provide the returns Meta is seeking. With the broader market for tokens linked to artwork rapidly cooling, there isn't much growth for NFT-integration outside of attracting crypto enthusiasts.
The news seems to have done little for Meta's stock, which remained stagnant for much of last week. Shares slid 1.6% over the course of the week.
