Meta is to introduce a new currency for its Facebook and Instagram platforms in order to foster a digital economy and minimize reliance on advertising revenue. The money, dubbed Zuck Bucks informally by Meta workers, would create an economy for creators on the company’s key social media platforms.
Horizon Worlds, the company’s social platform for its Quest VR headsets, will be used to test the money. For the time being, only a select few producers will be able to sell virtual products and effects in the metaverse, according to Meta. VIP access to venues and products such as jewels are examples of such transactions.
The game is also likely to be released on mobile devices and possibly gaming consoles. The site might draw a big number of users, especially now that it has announced a $10 million creator fund, which could help incentivize content makers.
Mark Zuckerberg, the CEO of Meta, also discussed what a metaverse economy would look like, saying,
“If you imagine what some future metaverse [at] some point down the line [would look like],”
“clearly the ability to sell virtual goods and take them with you from one world to another is going to be an important part of it…”
“So, I think that sometimes the stuff that ends up working in these digital products ends up”
” being a little bit different from what you’d expect from the physical world.”
It’s unknown whether or not this pilot will continue in this manner. It’s more than possible that it’ll undergo some adjustments, given the metaverse as a whole hasn’t been well tested.
Meta is putting a large bet on the metaverse.
The currency and economy are part of Meta’s attempt to transition to a firm that is primarily focused on the Metaverse. The company’s social media dominance has dwindled over time, and for the first time, Facebook’s user growth has slowed. Meanwhile, TikTok and others are putting a lot of pressure on Instagram, the company’s popular photo-sharing service.
Following a series of unfavorable episodes, the value of Meta’s stock plummeted. As part of the company’s focus on the sector, Zuckerberg demonstrated various AI technologies that will help to flesh out the metaverse.
However, with the metaverse market predicted to be worth $678 billion by 2030, Meta’s venture into the space may be worthwhile. However, it will face stiff competition from a slew of other companies doing the same thing.
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