Facebook Testing Virtual Currency
Facebook is testing out a virtual currency system which is called “credits.” This is also a new revenue model for the social network. The way the testing system works right now is that you can buy 100 credits for $1 and distribute those credits around to friends as a virtual way to give people props. This is supposed to be just as flattering as receiving a paid virtual gift.
Currently there isn’t a way to convert credits back into cash or tangible goods yet. Last year Facebook made a $35 million run rate for their virtual gifts.
[via VentureBeat]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry