Although Diem is gone, Meta, the parent company of Facebook, is reportedly looking at other tokens to build a metaverse.
Although Meta, the parent company of Facebook, has recently abandoned its plans for creating the Diem stablecoin but it is still interested in creating tokens that can be used within the metaverse.
Meta is looking into a central in-app token, similar to ROBUX, for Roblox. This would imply that this wouldn’t be cryptocurrency. FT says that some Meta employees refer to the tokens in this way: “Zuck Bucks.”
FT, which cites anonymous sources and company memos, also outlines potential plans for social tokens. However, the publication warns that discussions are still in their early stages and could change or be dropped.
The metaverse is an immersive internet version that incorporates virtual reality as well as augmented reality. This idea was first presented in “Snowcrash”, and “Ready Player One.” It is an online world that feels and looks more like the real thing, but with some fantastical elements. Imagine meeting up on an alien planet with colleagues or learning in a library like that of Harry Potter.
However, the race to create the metaverse is on. Web3 companies have created an open-source version, which they claim is independent from Facebook’s efforts, of the metaverse.
Decrypt was told by Yat Siu (executive chairman of Animoca Brands and game publisher) that Meta represented a threat to the open metaverse. Siu increased his threat in January by telling that Facebook wanted to create a closed metaverse. They control the data and network effects. This is less competitive than what we are doing.
Meta has not been stopped by this criticism. FT reports the company plans a May pilot to test a NFT posting feature. An internal document also indicates that it is considering monetizing blockchain-based assets using “fees or ads.” The NFTs are an integral part of most visions for the metaverse. Brian Trunzo , Polygon Studios’ metaverse lead, stated to Decrypt that “I believe anything that can be an NFT will become one.”
However, interaction with people and NFTs in the metaverse will require a currency. But it won’t necessarily be Diem (nee Libra). Meta had announced its stablecoin project back in the summer 2019. However, it suffered multiple regulatory setbacks and ended the project. It sold its assets and intellectual property earlier this year to the crypto-focused bank Silvergate.
Meta is unlikely to jump into cryptocurrency again. FTreports : “Staffers now try to find the least regulated method to offer a cryptocurrency, two people stated, with a digital token not based on blockchain emerging as the most appealing option.”
