NewsBig box retailer Target said Wednesday that it would become the first brick-and-mortar retailer to carry Facebook Credits, the virtual currency that Facebook hopes to standardize transactions on its social network. Beginning September 5, Facebook users can buy the credits at Target locations nationwide, and then use those credits to purchase digital goods found in social games and applications. The introduction of Facebook Credits -- available alongside other virtual currency options -- could have a significant impact on social game developers, as Facebook will take a 30 percent cut of revenues made with Facebook Credits transactions. Mark Zuckerberg, CEO of Facebook, has argued that having a uniform currency will actually help increase the number of social game sales by making transactions easier for users. According to a press release from Target, 200 million play Facebook games per month. Overall, Facebook has 500 million active users. Target will sell $15, $25 and $50 Facebook Credits gift cards, with the $15 version exclusively created for the retailer. "Gift cards are easy to use and very popular," said Dan Rose, a VP at Facebook. "We’re looking forward to launching in Target stores and giving people the ability to purchase Facebook Credits for their own use or to give as gifts to their friends and family." Target cited Facebook research firm Inside Network, which said Americans will spend $1.6 billion on virtual goods and social gaming in 2010.
Target Begins Facebook Credit Sales This Month
Big box retailer Target said Wednesday that it would become the first brick-and-mortar retailer to carry Facebook Credits, the virtual currency that Facebook hopes to standardize transactions on its social network.