Except that, in this case, Facebook could possibly be asking you to pay a penny for your thought, rather than the other way round.
Okay. That’s a very misleading title from my side, but I can’t help it. People who claim that Google is the next evil empire, move over. I’m willing to bet some money on the fact that it’s actually the blue-faced Facebook that will wreck more havoc.
Let me introduce you to “Facebook Credits“, now open for applications that not only spam our sorry butts off, but are also about to do some ripping off. Basically, Facebook Credits is a currency that is aimed at making the purchase of virtual goods across Facebook’s apps easier.
Here’s what Deborah Liu, from Facebook’s blog, has to say about it: “By providing a single, cross-application currency, our goal is to making transactions simpler for users, leading to a higher conversion rate for developers. Specifically, our early testing has shown that users paying with Facebook Credits are significantly more likely to complete a purchase than the average Facebook user.”
To make it super easy, Facebook Credits supports different credit cards, fifteen currencies, mobile payments, and recently, PayPal.
The Virtual Goods Economy is All About Green Cows
As I have already expressed my exasperation over people’s obsession with completely meaningless virtual goods, it’s hard to not see how brilliant of an idea it is from Facebook’s side.
With over 500,000 apps on Facebook, app-makers and the Facebook team are becoming increasingly aware of the ironically high value that the virtual goods in these applications have for their users.
The Facebook cut will be 30 percent of revenue from game and application developers who integrate Facebook Credits into their programs. Facebook has finally found a brilliant way to monetize, and they will make good money from this idea, even if we’re talking a dollar a pop for each transaction made.
Virtual Internet Currency with Facebook?
If anyone can pull of a universal virtual currency, it would be Facebook. Facebook has that personal appeal, where we share our personal pictures with our personal friends. I have seen a few grandmothers on Facebook, as well as a few kids under seven.
If people from all walks of life can manage to feel so comfortable wearing their hearts on their sleeves in their Facebook comfort zone, what would stop them from feeling just as safe with dealing with a Facebook currency, especially with the trend of micro-payments on the rise?
Facebook Credits might eventually turn out to become the de facto currency of the Internet, given how popular the platform is.
What do you think? Does Facebook Credits have the potential to change the landscape of the Internet as we know it today? Or is it just some evil plot to weasel out as much income as possible from unsuspecting teenagers addicted to quite mindless games?
You can read more about Facebook Credits on Facebook’s help section.