Facebook is strengthening its online commerce activity and introducing Facebook credits , the currency that will be used on the social platform for commercial transactions.
Facebook already began a testing phase in November to introduce its virtual currency, which has so far been used to pay for virtual gifts in the Facebook store. Starting in May, the currency began to be tested for use in certain third-party applications on Facebook, along with other forms of payment such as credit cards. Applications chinese overseas asia number data are considered a potential source of income for Facebook; some experts estimate that this year they could generate revenues of around 500 million dollars.
The development of virtual currency could be the key to Facebook's success in developing a profitable business model by earning commissions on transactions between app developers and users, according to Eric Eldon in the specialist blog Venture Beat . Its potential has already been tested in the virtual world Second Life.
In Second Life, users could buy clothes, land or toys for their avatars by exchanging their money for Linden dollars, the virtual world's currency. According to data from Linden Labs itself, the company had revenues of 800 million dollars last year.
This is happening on a platform used by 1.4 million monthly users, while Facebook already has 250 million registered users, most of whom are quite active.
Some analysts, such as Lisa Rutherford of Venture Beat, believe that Facebook's currency could set a powerful standard for virtual currency that players such as PayPal, Apple, Amazon and Google would have to surrender to: "The war for universal currency has begun," she says , "and it will be exciting to follow closely."