Facebook has moved to tighten its grip on the virtual currency market, outlining plans to force all social game developers to use Facebook Credits for payment processing.
All social game developers on the Facebook canvas platform will have to make the switch by 1 July, says the social network in a blog, although they can still use their own in-game currencies. Facebook claims its currency is already used more than 350 applications from 150 developers, representing over 70% of virtual goods transactions volume on the site. Big players such as Zynga, Playfish, CrowdStar, Digital Chocolate, PopCap and Arkadium are already onboard.
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Read more about Facebook Credits here.
Why this is interesting? I foresee that this market will tremendously expand in the coming years and it’s quite possible that this virtual currency will be in use beyond Facebook. For instance, I foresee a rise of virtual to physical currency exchanges. This however will only happen if the virtual currency will have underlying assets of any value (physical, virtual, emotional, etc). And I’m not talking about scam project such as this one: https://www.financemagnates.com/forex/brokers/informed-traders-launch-their-own-virtual-currency-wtf/.