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Facebook’s Virtual Currency Undergoing Alpha Test

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Facebook’s version of a virtual currency system is finally getting off the ground.  Facebook Credits can now be used in conjunction with third-party applications, and not just the official Gift Shop.

Justin Osofsky"We are currently conducting an alpha test in which select applications can accept Facebook Credits from users," Justin Osofsky announced late yesterday on Facebook’s Developer Blog.  "Our 250 million users can now buy Facebook Credits in 15 currencies . . ."

Facebook’s apparently looking to expand the test, too, since Osofsky then continued, "If you are interested in accepting Facebook Credits in your application, please let us know by responding here."

We’ve heard rumors (and even supposed confirmations) concerning Facebook’s currency system before, but this still counts as a significant step.  As Osofsky hinted at by mentioning Facebook’s 250 million users, the system may eventually be able to rival things like Google Checkout and PayPal.

Also, the monetization opportunities should make Facebook Platform much more appealing to developers, who might in turn be able to attract still more users.

This should be worth keeping an eye on.  Feel free to voice your thoughts on Facebook’s virtual currency system below.

Facebook’s Virtual Currency Undergoing Alpha Test
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  • http://www.gnaija.net Oluwatosin A Omoniyi

    I am in love with this.
    This is going to erupt more than we can ever imagine, i am going to glue me and my li2 network to Facebook than ever before.

  • http://www.deanflory.com/ Dean Flory

    I believe this will signify the downfall of Facebook when looking back from years to come. Facebook will change into an ad ridden (more than now) marketplace instead of a social network and it will drive users away due to scams and making every function through 3rd party apps cost a certain number of credits.

    Mark my words.

    While I do recognize the business opportunity of 250 million users, it’s comparable to a group of friends hanging out chit-chatting and one jackass comes into the discussion and won’t stop trying to pitch his product, interrupting the bonding process. There’s enough other places for e-commerce, don’t invade our little water cooler talk.

    • Guest

      I agree, just like Myspace.

  • http://www.tools-for-women.com/ Matt Matty

    i’m wondering if i can trade in my Cougarans for some FB credits?

  • http://www.spielnet.de spiele

    Since Facebook announced that it would be implementing Facebook Credits last year, many app developers have been unhappy about the proposed 30% that it plans to charge for each transaction.

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