Facebook’s Libra digital token surfaced over two years ago, promising to revolutionize social media commerce. Today, it’s becoming evident that the Libra token, aka the “Zuck Buck,” is going nowhere. Once the US Federal Reserve’s recent regulatory clarifications brought Facebook’s Diem Association digital currency manager the final blow to their Libra token, the end was in sight. Libra/Diem also lost most of their talent pool, including David Marcus, the leader of the Libra development. Note that Facebook-turned-Meta is promoting another stablecoin instead, Paxos, which may also have a questionable future.
The Diem Association is For Sale
After another terrible Facebook product launch, Meta has signaled that it’s looking to sell the company managing the Libra project as soon as possible. Some in the industry may feel Libra or its concept still has merit. However, many speculate that Facebook/Meta is simply terrible at developing and promoting these kinds of projects that might be otherwise successful in the hands of competent developers. Block (formerly Square) has played with taking up the technology or creating their version. Before Jack Dorsey left Twitter, he was renowned for trolling Facebook and their lack of success with Libra.
The original intention was for the Libra token to be backed by and traded with many other digital tokens, giving the social media platform it occupied a lot of merchant and trade power. However, when regulators didn’t back the universality of a Facebook token trading on their platform, The Diem Association and Meta simplified the design to create a Diem token pegged to the USD. Unfortunately, this failed to induce excitement from the FED as well, so the program is dead in the water until another developer picks it up and refashions it. Twitter, anybody? It could happen, right?
Facebook and NFTs
In the meantime, Facebook and Instagram are setting their sites on residuals from NFTs created, promoted, and sold on their social media platforms. While industry folks know what NFTs are, these platforms will have to work toward educating the older and other generations about the usefulness and desirability of NFTs before they can take off. Facebook may have 2.7 billion users, but a large portion of them is over 40, and the lion’s share of them have no clue about anything crypto, including NFTs. Perhaps Facebook can figure out how to take crypto more mainstream. We’d all like that, but can we count on it. We’ll see.
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