Meta will soon be introducing Zuck Bucks virtual coins for Facebook and Instagram users in a bid to reduce its dependency on advertising in the future metaverse.
Meta is planning to introduce a range of virtual products such as digital tokens and “creator coins”. An attempt to diversify income and revitalize its user base, which currently is facing stiff competition from TikTok.
Reports suggest Meta witnessed an increase of 37% to $118bn in 2021 as advertisers clamored to reach the 4.9 billion monthly active users of Facebook and Instagram.
Meta has been introducing features from other apps like Snapchat, and now is figuring out new ways to monetize its user base, according to Financial Times.
With a tipping system identical to Amazon’s Twitch, TikTok, fans will be able to buy coins and then buy gifts to give to their favorite creators. Likewise, creators can also buy coins, to promote their social media profile or increase viewers or followers.
Earlier this year a similar project called Libra and later Diem was abandoned by Meta after running into issues with US regulators. Facebook in 2019, launched Facebook Credits to facilitate in-app purchases for its popular games back then such as Zynga’s FarmVille. After four years of success, it was shut down after Facebook’s international growth made for costly foreign currency conversions.
Meta also has plans to venture into the NFT world, with a facility to integrate it with Facebook and Instagram.
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