Meta, the parent company of social media platforms Facebook, Instagram, and WhatsApp, is reportedly working on plans to introduce non-blockchain virtual coins.
However, can Meta’s metaverse really flourish without the use of a decentralised crypto to conduct transactions? And why could newcomer FIREPIN Token (FRPN), which is in presale, work as the perfect fit for it?
According to a recent Financial Times report, ‘Zuck Bucks’ – as it’s known among Meta employees – is one of these virtual coins designed for the metaverse. This coin wouldn’t be a blockchain-based crypto, according to the report.
Meta’s Plans for its Virtual Coins
In the report issued, Meta justified the absence of a non-blockchain based crypto in their metaverse plans by stating that:
“Instead, Meta is considering introducing in-app tokens that would be centralised by the company, similar to those used in gaming apps like the Robux currency in the popular children’s game Roblox.”
Robux, Roblox’s in-game currency, can be purchased via the game’s apps and then used to purchase upgrades or avatar accessories. Roblox has built a sizable business around Robux, and Meta could be hoping to follow in their footsteps.
Meta has also devised plans to create ‘social tokens’ or ‘reputation tokens’, which will be awarded to users for their contributions on the company’s social platforms, primarily Facebook, according to the report.
“Another effort is to create ‘creator coins’ that could be linked to specific influencers on its photo-sharing app Instagram,” added the report.
Meta’s move away from blockchain-based tokens and cryptoassets comes after the company’s failed attempt to launch a US-backed stablecoin was met with massive regulatory backlash. Then, Silvergate, an American chartered bank, confirmed plans to buy Diem’s intellectual property.
As the popularity of its main social networking products, such as Facebook and Instagram, continues to decline, Meta, led by CEO Mark Zuckerberg, has been exploring alternative revenue streams.
Facebook lost 1 million daily active users in the fourth quarter of 2021, according to Meta’s Q4 2021 and full-year performance results. In February, Meta’s market value plummeted by over $220 billion after Facebook CEO Mark Zuckerberg claimed that customers are spending more time on competitors like TikTok.
Meta has been attempting to compensate for these losses by providing more traditional financial services, such as low-interest small-business loans, according to the report.
“While nothing is planned right now,” the Financial Times reported, “the company has previously held discussions with potential lending partners,” adding that “most of the efforts are in the early stages of being discussed and could change or be dropped.”
However, according to reports, the company has finalised plans to add support for NFTs across all of its social platforms, including Facebook.
In mid March, Zuckerberg announced that Instagram will support NFTs “in the coming months.” According to the Financial Times, Meta also wants to bring NFTs to Facebook.
According to the report, “Meta plans to launch a pilot for posting and sharing NFTs on Facebook in mid-May.”
It also stated that the social media platform will begin testing a feature that could make owning an NFT a requirement for joining Facebook groups.
FIREPIN Token’s (FRPN) Role in the Metaverse
Members of the crypto community have noted that the upcoming FIREPIN Token (FRPN) could meet Meta’s need for a decentralised cryptocurrency.
FIREPIN Token (FRPN), which has been in presale since February, is especially designed for use in the metaverse. It bills itself as an all-in-one multi-swap DAO cryptocurrency that connects five major blockchains, resolving the critical issue of interoperability in the cryptosphere.
FIREPIN will connect Binance Smart Chain (BNB), Ethereum (ETH), Polygon (MATIC), Avalanche (AVAX), and Solana (SOL), allowing holders to use the most efficient blockchain at the best time (depending on congestion) to complete transactions quickly and cheaply, according to developers.
As Meta struggled with regulators to release its own stablecoin, implementing a third-party to conduct transactions across the platform could be a possible solution to the legal opposition the crypto industry is currently facing.
Moreover, FIREPIN Token (FRPN) has shown promising gains throughout its presale so far. Since the beginning of the presale, FIREPIN Token (FRPN) has risen to $0.0023 from $0.000067, indicating its tremendous ascent in only 2 months.
In addition, the value of early FIREPIN Token (FRPN) investments has increased by nearly 4000%. The price is expected to rise another 1000% before the presale ends in late May.
The company’s top executives see the metaverse as the “next chapter of the internet,” as evidenced by Meta’s growing interest in the virtual world and blockchain-based innovations. As the corporation is grappling with staying relevant as TikTok dominates social media, perhaps they’d benefit from seeking some assistance from a crypto that’s taking over before it’s even launched.