Meta, the parent company of Facebook, has set up a campaign to receive virtual rewards, tokens and borrow services in its apps as it seeks its financial leverage despite the crash of project to develop the cryptocurrency.
The company, led by CEO Mark Zuckerberg, is looking at other sources of revenue and new features that can appeal to and retain users as the reputation of its core product. in social media like Facebook and Instagram wanes – a model that threatens its advertising. The business model is expected to reach US $ 118 billion a year (R $ 560 billion).
Facebook’s financial arm, Meta Financial Technologies, has been exploring the creation of virtual currencies for the metaverse, which insiders call “Zuck Bucks,” as many start-ups know.
It does not seem to be blockchain-based cryptocurrency, some say. Instead, Meta is leaning towards sharing in-app tokens that will be centralized by the company, similar to those used in gaming apps, such as robux currency in the popular kid. Roblox game.
According to memos from the company and its neighbors for the campaign, Meta is still looking at creating “social tokens” or “reputation tokens”, which can reward important contributions to Facebook. groups, for example. Another effort is to create a “coin maker” who can interact with people with special interests in your Instagram photo sharing app.
Meta has also explored many of the traditional financial services available, including a focus on small business loans of attractive interest rates, as many people know about startups. Although nothing was planned immediately, the company was already in talks with potential borrowers, one person said.
Efforts are usually in the early stages of negotiation and may change or be discontinued, although their plans to incorporate NFTs (non-fungible tokens) into their applications may higher. Zuckerberg confirmed earlier in the Financial Times that Instagram will soon start supporting NFTs.
According to an internal memo last week, Meta plans to announce the driver to announce and share NFTs on Facebook in mid-May. This will be “followed soon” by a special experiment that will allow members of Facebook groups based on NFT members and elsewhere for minting NFTs.
NFTs can be funded by “costs and / or advertising” in the future, according to other insider information.
Facebook declined to comment.
Meta lost more than $ 220 billion at its retail store in February, the day it revealed that users were spending more time with new competitors such as the short-video app TikTok.
The company has recently been exploring other sources of revenue and supporting e-commerce on the platform by researching cryptocurrencies and blockchain technology. Its big tech companies like Google and Apple have been more cautious about falling into the starting lineup.
But the start has been affected by setbacks and regulatory scrutiny. Earlier this year, the global cryptocurrency project it spearheaded, called a “diem”, was abandoned, and its assets were sold to the Californian bank Silvergate, after US regulators refused to green-light the driven by concerns about financial stability and competition.
Amid internal turmoil, Meta’s financial division has suffered what the former employer described as a “multiple escape” of employees over the past month. Its leader David Marcus left at the end of last year, along with key staffers, compliance groups and almost the entire legal team.
People are still looking at how to create or promote digital value in its transition – a virtual world with avatars that Zuckerberg hopes will eventually generate millions of dollars in business in the digital world. products and services.
The new plans represent something far from dead and dreaming of creating a cryptocurrency. Police are now trying to find minimal ways to deliver digital rewards, two people say, with the non-blockchain-based digital token seeming a more viable option.
It may not be the first time Facebook has announced such benefits in its ecosystem. It launched Facebook Credits in 2009, a virtual currency that allows users to make in-app purchases, mostly in games like Farmville. This included 16% of revenue during its first public offering in 2012, according to Barclays bank, but closed in 2013 because it was too expensive to manage.
In a letter written late in January, Meta’s new chief financial officer, Stephane Kasriel, wrote: “We are changing our product portfolio and strategy … so we are here. can play an important role in the development of the metaverse and the payment and financial services in this digital world ”. .
Kasriel, who replaced Marcus, said the company would “pay” investments to provide payments for WhatsApp and Messenger and “help developers get paid for their work”, for example through NFTs.
It has also announced plans to share its wallet with Facebook Pay – its current peer-to-peer payment platform, which does not use blockchain technology – with Novi, the digital wallet. who were initially thought to be diem currency.
“The wallet will put payment, personal and digital management assets in it [família de aplicativos e Reality Labs, seu braço de realidade virtual e aumentada] and over time to other apps / websites, ”he said.
Although some efforts by Meta have focused on digital payments, other campaigns are part of a broader plan to use blockchain technology to support greater “distribution” of its platforms, when there is a buzz in Silicon Valley around the web move. 3.0
Web 3.0 developers often look to use data sharing to allow users greater control and ownership of their data and affect the larger tech groups that are most likely to be involved. receive that information as part of their business model.
But Meta seems to be getting some Web 3.0 concept. It is exploring whether blockchain data can be stored, how it can enable users to control their digital identity, and whether their identity or numbers can be exchanged or used for other purposes. a platform other than Meta’s apps, according to the plan. .
Meanwhile, its plans to reward users for trusted content with social tokens can allow Meta to return to the content manager in the middle and provide Facebook community is more powerful than personal, according to data.