Facebook has announced the arrival of its official currency: it’s called Facebook Credits and will be spendable on Facebook.
Facebook Credits, the official currency of Facebook, will be mandatory starting July 1, 2011, and will initially find its primary application in the purchase of Facebook games.
After creating a genuine addiction for many users, Facebook micro-games will thus become a true source of revenue, primarily for Facebook itself.
To obtain Facebook Credits, registered users will need to purchase them through credit card, PayPal, or mobile transactions. Although the Facebook currency is virtual, real money will be required to acquire it, with the official exchange rate being $1 = 10 credits.
At this point, users will be able to play freely, with 70% of the revenue going to developers and the remaining 30% to Facebook. It goes without saying that not all developers have shown enthusiasm for this practically mandatory revenue split, deeming Facebook’s share too large. Negotiations are currently underway, aiming for agreements to be effective by July. One thing is clear today: to continue distributing their games on Facebook, developers will have to comply with the terms of the “landlord.”
Virtual currency on the social network is certainly not new, as similar tools are already in use. However, the fact that it will become mandatory on July 1, 2011, makes it an unmovable requirement, primarily for developers who, if they wish to continue working through Facebook, will necessarily have to use this payment system.
With Facebook Credits, gems and doubloons currently in use will gradually fade away, creating a single virtual payment system.
All of this suggests new avenues for monetization within Facebook: could this be the path towards the commercialization of other goods and services in full e-commerce spirit?
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