Facebook: Credits Will be the “One Currency” on All Apps

Facebook is sending the clearest message yet that it intends to implement its own virtual currency, Credits, in a way that could be mandatory. This confirms months of speculation we’ve been hearing from developers. Because Facebook takes a 30% fee on Credits purchases, the decision could negatively impact the virtual goods revenue streams of some developers now — at least in the short term. If Facebook’s plan works like it intends, spending will eventually increase and developers will benefit.

At its f8 developer conference this week, company chief executive Mark Zuckerberg told Bloomberg that “‘there’s just going to be one currency that people use’ on all apps.” Later that day, Facebook’s Deb Liu was presenting about Facebook’s Credits plans, and she was asked if Facebook would continue to allow people to use third-party virtual currency services like Social Gold. She replied: “It’s still too early to tell, Credits is still in beta.”

Together with Zuckerberg’s statement, that sounds like it could be simply “no.” Another possibility is that third party virtual currency services can continue to exist, but will just be much less used than Credits, at least partially due to incentives Facebook will give to developers who use Credits – like free marketing.

> Continue reading on Inside Social Games.

Social Media 101

Mediabistro Course

Social Media 101

Get hands-on social media training for beginners! Starting November 10, hear from our expert speakers on the  best practices for getting set up on the major social media platforms, how to create meaningful content, and engage with your audience across sites. Register now!

 

Leave a Reply

3 Responses to “Facebook: Credits Will be the “One Currency” on All Apps”

  1. Paul says:

    30% is very steep, lets see how it pans out, i think third party virtual currency services should continue to exist.

  2. FACEBOOK naujienos ir patarimai #37 | Komunikacija FACEBOOK'e says:

    [...] FACEBOOK kreditai bus pagrindinė virtuali valiuta visoms aplikacijoms. [...]

  3. ||| Handelskraft ||| Der E-Commerce und Web 2.0 Blog - Facebook Credits – Virtuelle Güter, virtuelle Welten says:

    [...] Währungen hauptsächlich in der Gaming-Branche bekannt. Mit der Einführung der Facebook Credits wird dieses Konzept nun auch für eine Social Community angewendet. Seit August 2010 ist die [...]

Get the latest news in your inbox
interested in advertising with inside facebook?

Social Media Jobs
of the Day

Communications Coordinator

National Science Teachers Association
Arlington, VA

Social Media Coordinator (Part Time)

Stanton Carpet
Syosset, NY

Social Media Manager

Aeon Media
San Francisco, CA

Director of Communications

Coin Center
Washington, DC

Digital Strategies Coordinator

IslandWood
Bainbridge Island, WA

Featured Company

Join leading companies like this one and recruit from the nation's top media job seekers on the Mediabistro Job Board. Every job post comes with our satisfaction guarantee. Learn More
 

Our Sponsors

Mediabistro A division of Prometheus Global Media home | site map | advertising/sponsorships | careers | contact us | help courses | browse jobs | freelancers | content | member benefits | reprints & permissions terms of use | privacy policy Copyright © 2014 Mediabistro Inc. call (212) 389-2000 or email us