Virtual Currencies Gain Traction: Take on Android, Facebook and Beyond
It seems like virtual currency is starting to expand its footprint onto web services’ sand with two major industry players riding on it: Facebook and TransferWise.
The Facebook Take: An article posted in TechCrunch recently noted that the social networking giant is reaching out to game developers, and has started informing them about making its own virtual currency. This development is expected to make what they call “Facebook Credits” mandatory and sort of an exclusive currency within the sphere of social gaming. This rule is set to be implemented on July 1, 2011. From that point on, users will have to use these “Credits” to inject their “real money” into the game. Example: Zynga can charge a user 90 Facebook Credits for 75 CityCash in CityVille.
Facebook has been so into the virtual good and currencies for the past few months- and because it’s Facebook, it will set a trend that everyone will heartily follow. A report from SiliconAngle noted that the recent tie up with Electronic Arts will enable gamers to purchase virtual goods in EA games on Facebook using Facebook credits, the virtual currency on the Facebook platform. The said agreement will last for 5 years.
The TransferWise Take: With the goal of disrupting the consumer-end of the money exchange market as a whole, TransferWise just introduced their own version of virtual currency today. TransferWise is on direct competition with Moneybookers and PayPal.
This virtual currency craze has also invaded the mobile world as Super Rewards brings virtual goods system to Android games according to a report flashed in SiliconAngle. Leaping forward, this move by in-app monetization platform is expected to make the integration of virtual currencies to mobile games easier for the developers. Mobile platforms are the new frontier, taking on Android for in-app game rewards. Virtual goods is at the center of this push, and it will be interesting to see how this aspect of the market fleshes out.
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