Welcome to The Age of Virtual Currency

By on August 9, 2010
Facebook Credits - Virtual Currency

A little over a year ago, I wrote about Facebook beginning testing of a payments system. I am happy to inform you that Facebook credits are now live for selected applications.

Visit certain applications within Facebook, such as Living Social or browse the Games page and Facebook may send you 25 free credits (a $2.50 value).

Credits can be purchased using credit cards, PayPal and even through your cell phone.

Pretty amazing, right? The story just got much more interesting today.

TechCrunch writes that Google has acquired Jambool for $70 million. Jambool powers virtual economies with a platform called Social Gold.

Google may implement Social Gold into their existing checkout product, their new social platform and Google Me, a social network in-development.

I believe this is a very strong possibility and am sure that both Facebook and Google will be vying to integrate and promote the use of their virtual currencies by as many users as possible.

Facebook has a head-start, but Google seems to be nonchalantly adopting all of their strategies and will have the benefit of learning from any hiccups.

Both social giants should realize that there is use for virtual currency beyond games and virtual goods. Could it be that they are just testing the waters for now, or that governments will not allow these currencies to be used for real-world goods and services?

It’s going to be very interesting to follow as the virtual economies evolve. I believe virtual currency will be a success and am excited about it’s potential impact for the future of online business.

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About Mark Fulton

Mark is the Founder of DotSauce Magazine and a full time web developer, domain investor, SEO and online marketing professional residing in North Carolina, USA. Visit MarkFulton.com for information on freelance website development, SEO and consultation services.