Meta Platforms, the parent company of the world's biggest social media network, Facebook, is planning to develop its own cryptocurrencies and virtual tokens for its suite of products, the Financial Times reported.
The plan – which is being referred to internally as "Zuck Bucks", a reference to Meta chief executive Mark Zuckerberg – comes as the California-based company tries to leverage the metaverse and develop new alternative revenue streams in view of the waning popularity of its apps, the FT said, citing people familiar with the plans.
If implemented, Zuck Bucks could give Meta control over transactions in its family of services, which include Facebook, photo-sharing app Instagram, messaging platform WhatsApp and the Meta Quest virtual reality platform.
But Meta's planned virtual currencies, which are being handled by its financial unit Meta Financial Technologies, may not be based on blockchain – the technology that underpins Bitcoin – and are intended for the metaverse, the report said.
The planned in-app tokens would be centrally controlled by Meta, similar to the Robux currency used in the popular game Roblox, which can either be bought via the app or received as a reward or by selling in-game items.
Company memos and those with knowledge of the plans suggest that Meta is also considering making so-called “social tokens” or “reputation tokens”, which may be distributed as "rewards for meaningful contributions in Facebook groups", according to the FT. Another idea is to make “creator coins” associated with particular influencers on Instagram.
Most of the plans are in the early planning stages of planning and could yet be altered or dropped altogether. Plans to introduce non-fungible tokens are more developed.
Mr Zuckerberg previously confirmed that Meta is planning to introduce NFTs to Instagram, while a pilot programme for its use on Facebook is also in the works; both are expected to be implemented soon. Supporting e-commerce on its platform is also among Meta's plans to create other sources of revenue.
NFTs are virtual assets that are unique, cannot be replaced with others and can be sent to other digital wallets. Like Bitcoin, their quantity is limited and could potentially add to its value. Meta could monetise these through fees or ads, the report said.
The metaverse – the emerging digital space that allows those in it to communicate and move using three-dimensional avatars or digital representations – is seen as the future of interaction and is being highly touted by Meta.
The value of the global metaverse market is projected to reach about $1.61 trillion in 2030 and at a compound annual growth rate of 43.3 per cent over the forecast period, according to a report from Emergen Research this week.
This will driven by key factors such as rising demand for apps and products based on virtual, augmented and mixed reality, plus the increasing focus on the convergence of digital/virtual and physical worlds, it said.
Facebook in February reported weaker-than-expected earnings in its fiscal fourth quarter and data showed it had lost daily users for the first time in its 18-year history. Net profit dropped more than 8 per cent annually to $10.2 billion but was about 11 per cent up on a quarterly basis. This caused the company's share price to plunge 20 per cent.
Shares of Facebook closed down 3.68 per cent on Wednesday.
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
On racial profiling at airports
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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Wes%20Ball%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Owen%20Teague%2C%20Freya%20Allen%2C%20Kevin%20Durand%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Teams in the EHL
White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
KILLING OF QASSEM SULEIMANI
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
HAJJAN
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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