Facebook Currency
Ad Age Digital posted an article about Facebook Credits. Facebook credits are the currency that is used to market purchases in the Facebook world. It is essentially an very clever way to convert any currency at the same rate - Facebook rate. For example, three credits purchased in Russia have the same value in the Facebook world as three credits purchased in Seattle. However, they cost differently.
What is really interesting is that having one price - birthday gift: 3 credits, creates a more even playing field for all buyers and it eliminates the psychological reaction to the seeing how much more you are paying compared to some other stronger currency. The author speculated that Facebook credits might soon replace PayPal and Google Checkout, unless, they too come up with their unique currency.
The more important question is: How much more will Facebook take over our life and the entire world. Google went on record awhile back saying that they want to dominate the world. I am not familiar with a similar quote from Facebook, but I won't be surprised if Mark Zuckerberg made such claim. After all, there is a projected $17 billion in worldwide revenue coming from sales of virtual goods at stake. And the winner of the best system will get the lion share of that money.
What is really interesting is that having one price - birthday gift: 3 credits, creates a more even playing field for all buyers and it eliminates the psychological reaction to the seeing how much more you are paying compared to some other stronger currency. The author speculated that Facebook credits might soon replace PayPal and Google Checkout, unless, they too come up with their unique currency.
The more important question is: How much more will Facebook take over our life and the entire world. Google went on record awhile back saying that they want to dominate the world. I am not familiar with a similar quote from Facebook, but I won't be surprised if Mark Zuckerberg made such claim. After all, there is a projected $17 billion in worldwide revenue coming from sales of virtual goods at stake. And the winner of the best system will get the lion share of that money.
Posted by Terra3.0 at 5/20/2010 11:24 AM 
Categories: Business - Marketing, Social Media
Tags: Economics Facebook
Categories: Business - Marketing, Social Media
Tags: Economics Facebook
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