Facebook has recently announced that it is phasing out Facebook Credits, which once had the potential to become the social network’s own currency. When Facebook Credits launched in 2009, the social network required game developers like Zynga to use Facebook Credits as a payment platform and even tried selling Facebook Credit gift cards on the shelves of stores like Target and Walmart.

Industry analysts originally saw the potential for Facebook Credits to eventually become a universal online currency. Facebook Credits also generated approximately 18 percent of the company’s revenue in the first quarter.

The social media network is now allowing game and app developers to use their own in-app virtual currencies, such as Farm Cash in FarmVille, which are based on real-world values of country currencies. Another change to the network is that Facebook will eventually allow developers to have the power to charge subscription fees, which could become an easy, ongoing source of revenue.

For more information see the article, “Facebook says goodbye to Facebook Credits virtual cash.”