Meta is launching a currency for a small number of creators within its Horizon Worlds VR app. The currency will be tested and could perhaps be the precursor to a currency in a future metaverse.
Meta is planning to launch a new currency for its Facebook and Instagram platforms in a bid to create a digital economy, as well as reduce dependence on advertisers for revenue. The currency, which has informally been given the name Zuck Bucks by Meta staff, would facilitate an economy for creators on its major social media platforms.
The currency will be tested within the company’s social app for its Quest VR headsets, Horizon Worlds. For now, Meta says that a small number of creators will be able to sell virtual items and effects in the metaverse. Examples of such sales include VIP access to areas and items like jewelry.
The game is also expected to launch for mobiles and perhaps even gaming consoles. The platform may attract a large swathe of users, especially since it launched a $10 million creator fund, which could go a long way in incentivizing creators.
Meta CEO Mark Zuckerberg also spoke about what a metaverse economy might 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 unclear whether this pilot will stick around in its current form. More likely than not, it will see some changes, as the whole metaverse space is very untested.
The currency and the economy are part of a bid by Meta to switch to a strongly Metaverse-focused company. The firm’s social media dominance has been dwindling over the years, and for the first time, Facebook saw a decline in user growth. Meanwhile, its popular photo-sharing app Instagram is receiving stiff competition from the likes of TikTok.
Meta experienced a steep decline in share value following a string of negative incidents. Zuckerberg showcased some AI projects that will flesh out the metaverse as part of its emphasis on the sector.
But with the metaverse market expected to be worth $678 billion by 2030, Meta’s foray into the space could be worth it. However, it will face competition from the many others who are doing the same.
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