Could Facebook have its own currency?

It is natural for social media firms to remain cautious when it comes to creating their business model and financial operations, it has been said.

With this in mind, Siim Vips, chief executive officer at Modera, explained that while sites like Facebook may have a large audience, it remains to be seen whether they are ready to begin allowing transactions on the site through an established brand.

And he added that at the moment, major retailers may still prefer to retain transactions across their own sites so that they retain full control and do not risk diluting their brands.

His comments come after independent Facebook developers and marketers blog Inside Facebook advised that brands launching social media marketing campaigns must do so with "increasing sensitivity" to the privacy of their customers.

Advice offered by the group included engaging consumers through polls and competitions, boosting search engine optimisation using a Facebook vanity URL and keeping it simple.

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