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    Meta May Launch a Non-Blockchain-Based Virtual Currency for Its Apps

    Facebook’s parent company, Meta, planning for NFT features on its suite of apps and services.

    According to a report from Financial Times on April 6, Meta is growing its focus on services centered around the metaverse, a virtual environment where people interact, work, and play. 

    The latest move comes after company’s ill-fated in the virtual market. In Q4 2021 report, Meta lost up to $10.2 billion in profit on metaverse development. This has investors worried about the future of the company, leading to a sell-off in stock. Meta was totally in crisis at that time.

    If implemented, this new project could ​​help Meta regain investors’ trust as well as give the company a new revenue channel and control over transactions in its family apps. 

    Meta’s cryptocurrencies, internally dubbed “Zuck Bucks”, which aimed to use in the metaverse and may not be based on blockchain, citing people familiar with the matter.

    Meta’s tokens could be used to pay favorite creators on Instagram or reward people who make meaningful contributions to Facebook groups. Meta is also said to be exploring a move into traditional financial services, such as small business lending.

    “We have no updates to share today,” a Meta spokesperson told Reuters on Wednesday, “and that includes what payments and financial services might look like.”

    “We continuously consider new product innovations for people, businesses, and creators. As a company, we are focused on building for the metaverse and that includes what payments and financial services might look like,” the spokesperson added.

    The planning is still in its early stages, and the project could be dropped or altered, or both. However, we can see Meta’s efforts at integrating NFTs into its services are more developed. In a session at the SXSW (South by Southwest) conference, Meta CEO Mark Zuckerberg has confirmed that Instagram will soon support NFTs. There are also plans for a mid-May pilot launch for posting NFTs on Facebook.

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