Meta is looking for other ways to make money now that Facebook's popularity may be waning.
The Financial Times reports that one effort explored by Meta's Financial Technologies team is a virtual currency for the company's metaverse.
It's notable, considering that Facebook's last attempt to develop a virtual currency called Diem backfired spectacularly, with governments around the world condemning the idea given the company's global reach and influence.
Meta isn't looking to base such a currency on a blockchain, as is the case for most other cryptocurrencies in circulation.
Instead, the company is looking to create social token, or Reputation token, which could be offered as rewards to users who make meaningful contributions to Facebook.
Meta may be trying to distance itself from having to moderate Facebook and allow them to more effectively moderate themselves.
Decentralizing some of its products isn't over for Meta. While this project isn't based on a ledger, the company is looking into integrating NFTs into its app in the near term.
A pilot project for NFTs on Facebook is in the works.
Facebook's user base started to shrink for the first time in the company's history in February.
The news wiped out hundreds of billions of dollars worth of Meta shares, a sign that investors may be growing wary of the company's long term relevance.
The lackluster launch of a disappointing virtual reality app-based sandbox has added to the problem.
It's not clear whether enough appetite will be left for uckbucks to let Facebook off the hook when it comes to moderation.
Meta is targeting finance with creator coins.
Mark Zuckerberg says that when employees call him, it's actually a compliment.
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