Facebook Meta intends to create virtual currency and creator coins for its platforms

The Financial Times reported on Wednesday that Meta Platforms Inc is preparing to integrate virtual tokens and cryptocurrencies to its family of applications, with the goal of using such virtual tokens to reward creators as well as lending and other financial services.

The move, which is said to be in its early phases, comes as Meta expands its focus on services based on the metaverse, a virtual world in which people communicate, work, and play.

According to the Financial Times, Meta Platforms Inc is planning to integrate virtual tokens and cryptocurrencies into its family of applications, with the objective of using such virtual tokens to reward creators as well as lending and other financial services.

The move, which is reported to be in its early stages, comes as Meta broadens its focus on metaverse-based services. The metaverse is a virtual environment in which people connect, work, and play.

According to the article, Meta might offer in-app tokens that would be centrally controlled by the corporation, and such tokens could be used to compensate favoured Instagram producers or reward those who make substantial contributions in Facebook groups.

"We have no updates to share today," a Meta spokesperson said on Wednesday, adding that the business is focusing on developing for the metaverse, "and that includes what payments and financial services might look like."

Last month, Mark Zuckerberg, CEO of Meta, stated that Instagram will add non-fungible tokens (NFTs) in the "near-term."

Meta joined the Crypto Open Patent Alliance (COPA) earlier this year, a collection of firms led by Jack Dorsey's Block Inc who have promised to encourage open access to cryptocurrency technology.