Does anyone use facebook credits

Why would the other 75 percent want Facebook Credits? Unfortunately, Facebook never answered that question. In users could have streamed a Widespread Panic concert live for 70 Facebook Credits or watched a variety of movies including The Big Lebowski , Jackass , Dark Knight and several others. Granted, these examples are not varied enough to be appealing to everyone, but Facebook could have at least provided a central place where users could have found ways to use Credits.

Why build something if no one will ever see it? Social gaming flourished on Facebook and became a phenomenon embraced by hundreds of millions, because Facebook provided an open platform where developers could create games and share them with Facebook members, and, as a result, the games spread virally as members played online. Facebook never created a place where members could find non-gaming ways to spend Credits.

Without this central location, members had no way to find ways to spend Credits, except for gaming. And with only 25 percent of users playing games, how could the use of Credits ever reach a tipping point?

Obviously the average Facebook member will never see their Credits balance. This model may have been financially acceptable barely to developers of social games who were essentially selling virtual goods with little or no actual cost to provide, but this was an unworkable model for companies with a real cost of goods. For example, it would have been great to see companies like Netflix or Spotify offer a Facebook subscription where members could watch movies or listen to music for 50 Facebook Credits a month.

Before the IPO, Facebook made a vague announcement that it would consider lowering that 30 percent tax on certain verticals, outside of social gaming, but nothing further was announced.

By never making this change or providing pricing flexibility to other verticals, Facebook had limited the use of Credits to social gaming, hamstringing the currency from ever having a chance of becoming universally appealing. Facebook added to the problem of not encouraging users to share Credits by not educating members on what Credits could be used for, and then put the nail in the coffin by financially discouraging developers from building applications or ways for consumers to spend Credits.

The goal is to create a stablecoin against a basked of fiat currencies, and who whose value does not fluctuate much. Moreover, Libra is intended to be backed by several large financial and payments companies such as PayPal, Visa, and MasterCard - although many of these corporate alliances have already faltered. The Libra project has also undergone scrutiny by regulators and policymakers as well as pushback from the larger cryptocurrency community who claim that it is not as secure or technology sound as the company makes it out to be.

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The company launched the Credits beta in and shutdown the project by In , Facebook announced a more ambitious blockchain-based platform-specific currency called Libra, which is set to roll out in Article Sources.

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Related Terms Circle Financial Services Company Circle is a financial services company that makes products using blockchain technology. Virtual Currency Virtual currency is a digital representation of value in purely electronic form.