Facebook-Parent Meta Exploring Digital Money Offer called ‘Juke Box’:

Facebook’s parent company is exploring the potential of meta-digital money, which has been dubbed the “juke box” internally in a play named after the founder, the Financial Times reported Wednesday.

In the face of strong backlash from global financial regulators, Meta abandoned its efforts to create a global cryptocurrency – first known as Libra but eventually rebranded as an egg.

However, founder and co-founder Mark Zuckerberg talks about the importance of e-commerce and financial tools in his vision for an immersive online world called Metavers.

“We are constantly considering new product innovations for people, businesses and manufacturers,” a Meta spokesman told AFP in response to the inquiry.

“As a company, we focus on building metavers and that includes what payments and financial services might look like.”

Spokespersons do not comment on specific innovations being followed.

According to the Financial Times, the products to be considered include digital tokens nicknamed “Juke Box” along with the version of the Internet company used for transactions in video games.

Popular games like Fortnite and Roblox use tokens for transactions. Tokens can potentially be used to reward creators and influencers whose posts attract online visitors.

Meta seeks to diversify its revenue beyond relying on targeted advertising, which has raised concerns about invading users’ privacy.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risk. The information contained in the article is not intended to constitute financial advice, trading advice or any kind of advice or recommendation provided or approved by NDTV. NDTV will not be liable for any loss arising out of any investment based on any perceived recommendation, forecast or other information contained in the article.

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