Meta Is Planning to Launch Zuck Bucks for Users in Horizon Worlds VR App
Meta intends to launch a new currency for its Facebook and Instagram platforms in order to build a digital economy and reduce reliance on advertisers for revenue. The currency, called Zuck Bucks would create an economy for creators on the company’s key social media platforms.
Horizon Worlds, the company’s social platform for its Quest VR headsets, will be used to test the currency. For the time being, Zuckerberg states that only a limited number of creators will be permitted to sell virtual products and effects in the metaverse. VIP access to venues and products such as jewels are examples of such transactions.
The game is also likely to be released on mobile devices and possibly gaming consoles. The platform would gain a significant number of users, especially now that it has announced a $10 million creator fund, which could help to attract creators. Mark Zuckerberg, the CEO, also remarked on what a metaverse economy would look like, saying:
“If you imagine what some future metaverse [at] some point down the line [would look like], clearly the ability to sell virtual goods and take them with you from one world to another is going to be an important part of it…So, I think that sometimes the stuff that ends up working in these digital products ends up being a little bit different from what you’d expect from the physical world.”
It’s unsure whether or not this pilot will continue in its current form. It is more likely than not that it will experience some changes, as the entire metaverse space is fairly unknown.
Meta Is Go All In To Metaverse
The currency and economy are part of the firm’s effort to transition to a firm that is focused on the Metaverse. The company’s dominance in social media has decreased over the years, and for the first time, Facebook suffered a fall in user growth. Meanwhile, TikTok and other photo-sharing apps are giving Instagram a run for its money.
Following a series of negative situations, Meta’s share value plummeted dramatically. As part of its concentration on the sector, Zuckerberg revealed various AI technologies that would flesh out the metaverse.
However, with the metaverse market predicted to be worth $678 billion by 2030, Meta’s venture into space may be worthwhile. However, it will face competition from a slew of other companies doing the same thing.
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