For the first time, Facebook Credits will be used towards a large-scale philanthropic movement at tonight’s Stand Up To Cancer event. The star-studded live fundraiser and telethon will be broadcast across a number of major television channels as a way to raise money towards cancer research.
While generally these events usually focus on getting people to call in to donate money towards a cause, now viewers will be able to make donations via Facebook’s virtual currency Facebook Credits, with 100 percent of the donation going towards the cause. Members can donate with Facebook Credits on Stand Up To Cancer’s Facebook page. In the past, the Stand Up To Cancer telethon has raised over $100 million.
Facebook has been aggressively marketing Credits over the past few months. Considering the massive exposure of the event, it seems like a win for Facebook Credits and a good way for Facebook to broaden the use of the virtual currency beyond just within games (and a easy way to raise money for a worthy cause). And it’s dead simple way for users to raise money for charity.
Target now sells gift cards for Credits, and recently struck a deal with Malaysian payments company MOL Global (the company that bought Friendster) to sell gift cards for credits at retail stores in Malaysia and Singapore.
Facebook has scored a number of deals with gaming companies to allow its members to use Facebook Credits to buy virtual goods through Facebook credits, including partnerships with Zynga, Crowdstar, LOLapps, and RockYou.
Credits expected to make up one-third of Facebook’s revenue in the next year.
Facebook is the world’s largest social network, with over 500 million users. Facebook was founded by Mark Zuckerberg in February 2004, initially as an exclusive network for Harvard students. It was a huge hit: in 2 weeks, half of the schools in the Boston area began demanding a Facebook network. Zuckerberg immediately recruited his friends Dustin Moskovitz and Chris Hughes to help build Facebook, and within four months, Facebook added 30 more college networks. The original idea for the term...
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