Facebook Preparing to Become the Next Big Online Marketplace

By on May 14, 2009

Update August 2010: A little over 1 year later, Facebook credits are now live!

Visit certain applications like Living Social or visit the Games pages and Facebook may send you 25 free credits (a $2.50 value).

Expect to see credits work their way into many popular apps and other areas on Facebook soon.

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Social networking giant Facebook is preparing to test a new payments system, according to BusinessInsider today.  A company rep says this new system will allow the use of Facebook credits towards the purchase of goods and services through third-party applications.

“They’re earning WHAT!?”

facebook

Facebook seems to have gotten excited about the idea after hearing that Facebook games-maker Zynga will sell over $100 million in virtual goods (mainly poker chips I suspect, but nonetheless astounding).

Facebook will naturally take a cut of each transaction, which will likely attempt to compete with online payments leader PayPal.

This is predicted to be an excellent way for Facebook to earn revenue while creating a new global marketplace as a service to users.

Thousands of people are already taking advantage of the explosive growth and reach of Facebook to do business online.

Domain Industry on Facebook

Our relatively small domain industry has a pretty strong presence on social networks.  We seem to realize the value of networking with other professionals and marketing to targeted customers.

DotSauce has a fan page growing steadily and there are thousands of other domainers on Facebook and nearly as many domainers on Twitter.

Last year I created the Facebook Domain Name Marketplace which continues to be a daily hub for domain sales within Facebook.

domainer-app

I’ve also beta tested the “Domainer” application (shown above) created by Randy Dryburgh.  This is quite an advanced domain name marketplace application that would be perfect with solid payment processing.  I have been waiting for this app to get the attention it deserves for some time and may not have to wait much longer!

Business Innovations in Social Networking

Launching this payments system will be a monumental task for Facebook and to be so close to testing is quite a pleasant surprise.

This will be an excellent opportunity for many industries to expand business and reach potentially millions.

I think Twitter could do this as well.  Short classified ads are simple and effective and status updates are already earning people money.

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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.