The modern world is adopting revolutionizing concepts of metaverse and virtual reality. Virtual and augmented reality are part of the metaverse. Metaverses combine aspects of real life with the fantasies of humans. These concepts are offering a new set of opportunities to various industries. Institutional interest in the metaverse is also increasing due to the hype surrounding web3. In a recent development, the parent company of Facebook, Meta, has revealed plans for creating a new token. This token will be used to support Facebook’s metaverse.
Meta has remained superactive in adopting digital assets. However, earlier this year, the company gave up on its project of Diem Stablecoin. The Diem Association was shut down after facing strict regulatory scrutiny in the last couple of years. Meta had to sell off the remaining assets and intellectual property of the Diem association to Silvergate.
Meta explores new metaverse opportunities
Now, Meta is planning to launch a centralized in-app token, Zuck Bucks, for Facebook. Along with it, social, reputation, and creator tokens might also be established. As per the confirmation of Meta’s staff members, these tokens will not act as an actual cryptocurrency. But there is a possibility that specific changes are made or features are dropped in the final layout of the project.
Decentralization is a crucial principle of the blockchain and crypto world. However, Meta is planning for a centralized in-app token. Many experts and critics claim that such projects go against the ideology and spirit of blockchain. The closed metaverse of Meta might pose a threat to the field of the metaverse.
According to critics, Meta’s project plan is unethical since the organization will control the data and influence the outcome. Despite such criticism, Meta continues to push forward with its new project. Meta plans to introduce an NFT posting feature in addition to the Zuck Bucks project. In the next month, the pilot for the NFT posting feature might be launched.
Furthermore, Meta may also monetize blockchain assets through ads or charges. On the other hand, it is essential for Meta to have a native currency to implement its NFT feature. But Zuck Bucks are not meant to serve as a standard crypto token. This is why the company might have to look for other alternatives. It might be a challenging task for the company after its failed attempt with the Diem Stablecoin.
