Can you lend us a fiver mate? (Facebook credits that is..)

Over the past few years, if you were not a social games fan, the emergence of Facebook's unique virtual currency, Credits, may well have passed you by.

Not so long ago, it was popular to send virtual gifts to your friends on Facebook. These were available to purchase in the now closed Facebook gift store. To make it easy to pay for things on Facebook, Credits were created.

But the Facebook IPO is on the horizon, and to no doubt add to it's already huge valuation, Facebook is requiring all game developers to use Facebook Credits. The deadline for this was last week, July 1st.

It may well make it easier for players to transfer Credits between games and other apps on Facebook, the 30% cut Facebook takes from all transactions, is a lovely sideline. Despite protestations from developers, Facebook can simply refer to Apple, who also takes 30% from its media partners.

Credits can also be used to view films, concerts streamed live over Facebook, as well as daily deals. Users can buy Credits over their mobile phones now and has made no secret of its focus on digital goods.

For our money, Facebook is well-positioned to take advantage of opportunities in the media arena. The users are there, so Facebook simply needs to facilitate the sharing of content among users in as efficient and cost-effective manner as possible.