When Facebook announced its name change to Meta, it became clear that the company was shifting away from its social media origins to expand to a new digital frontier – the Metaverse. This move sent shockwaves through the Internet and was partially accountable for propelling the metaverse into the mainstream.
The company’s plans were laid down in a series of primer videos presented by Meta CEO Mark Zuckerberg himself. In these demos, the tech magnate described the metaverse as a more immersive version of the Internet. A virtual environment where people can work, chat, play, and exist without geographical restrictions.
Seven months into the rebranding and Meta has already made notable developments to its suite of metaverse-related hardware and apps. There’s also talk going around about cryptocurrency projects and an NFT marketplace.
Horizon Worlds: Exciting incentives await creators
Horizon Worlds is Meta’s collaborative virtual reality platform where people can play, hang out, attend concerts, join meditation sessions, and so on. The metaverse project prides itself on having a thriving creator community, and the company plans to further enrich this community with incentives and a generous Creators Fund.
On April 11, the company began testing new tools to help creators monetize their work. These tools include a Commerce tab and a gizmo, a feature that’s accessible in Create mode, allowing users to create purchasable items. These purchasable items can range from in-game items and experiences to access to a new part of the metaverse.
Apart from this monetization scheme, a Creator Bonus program is also in the works. The program is designed to incentivize successful creators so they can support themselves while building worlds. The program compensates for big milestones, such as creating worlds that attract the most time spent, and creators get the bonuses in full and without any fees.
Meta is showing interest in the NFT space
Meta is also headed to explore the NFT space, a plan that when fully realized could drive more growth to the sector, given Meta’s influence. In fact, sources said that the media giant plans to launch an NFT marketplace. Teams at Instagram and Facebook are working on a feature that would allow users to create and sell NFTs on their social media profiles.
While there are no specific details and launch dates yet, the company is said to be “actively” exploring the NFT space. With Meta diving into the world of NFTs, it’s safe to assume that the move will provide more exposure for NFTs and cryptocurrencies.
Zuck Bucks: Meta’s take on virtual tokens and cryptocurrency
There’s also a digital currency scheme brewing at Meta, and it’s being dubbed internally as “Zuck bucks.” This comes as no surprise as monetization will eventually become a key component of the metaverse. In fact, this isn’t Meta’s first attempt at creating a cryptocurrency, but previous efforts quickly collapsed due to criticisms from US bankers and politicians.
But the company went back to the drawing board and is instead working to create a virtual token that can only be spent on its own platforms. The idea is to create something similar to in-game currencies in Fortnite and Roblox that reward creators and create a revenue stream for users. While no further details were given, a Meta spokesperson said that the introduction of NFTs and virtual tokens are in the near-term.
Facebook’s rebranding to Meta is more than just a cosmetic upgrade, as people may assume. In fact, the company has already spent $10 billion on virtual and augmented reality research. Analysts predict that the social media giant will spend another $60 million to carry out its metaverse vision and realize Zuckerberg’s plan to cement Meta’s reputation as a metaverse company.