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Facebook starts using virtual currency more and more in a move to make big bucks

Sections: Business News, Web, Web 2.0 / Social Networking, Websites

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Facebook has always been plagued with issues when it comes to making money from their wildly popular site. While Facebook has floundered, MySpace has built partnerships with different companies, including record and production agencies in order to make it extremely profitable. In a move to build revenue for their site, Facebook has introduced virtual currency into its online community.

Since last November, Facebook’s virtual currency has appeared more and more on the site. The credits can be used to buy different “gifts” on the site and send them to their friends. Users can shop the Virtual Gift Shop and choose different online tokens to place on the homepages of their friends. Facebook has now announced that developers will soon have the ability to charge credits for their Facebook applications. This can include access to casino games, virtual pets and RPG games.

Credits are purchasable by providing your credit card info to Facebook and able to be used whenever you choose. With over 200 million members and counting, this latest foray could prove very profitable for the company.

Read: [CNN]

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