So, Facebook sells Ads. You knew that already. Businesses pay for the Ads because FB knows a lot about a lot of people.
Facebook enables you to write advertising campaigns which use the knowledge it has about all the people in order to help you sell your product or service to some of those people. And as we know, it works. Many businesses pay a lot of money to Facebook for the privilege of running a campaign on their platform.
Now suppose FB was the World’s Central Bank (I’m sorry, what did you just say?)… the issuer of a worldwide ‘super’ currency which was available to anyone who had a FB account.
Suppose this currency was super stable because it was pegged to a basket of hard currencies such as the Euro and Dollar, super convenient (spend it from your mobile phone), couldn’t be forged, didn’t have any international transfer costs, was accepted throughout the world AND paid you interest for keeping it in your wallet. Imagine (it’s not hard to do) everyone with a FB account started using it. Why wouldn’t they?
So now FB knows a lot more about a lot of people. They know what type of food you buy, what films you like to watch, what brands of clothing you prefer, your favourite drink, which nappies you buy, how often you gamble. And how much you spend on all these things.
Enter Facebook Libra
If this vision were true, then FB would be about to become the world’s biggest central bank. Billions of people around the world would exchange their dollars and euros for this new currency.
FB would have A LOT of cash to deposit at the banks, which would mean they would earn A LOT of interest every day, which would mean they could pay those new super currency users a decent interest rate (nice!).
So when Facebook has all this additional knowledge about YOUR potential clients and can serve up highly targeted audiences for your Ads for your products – will your business be willing to pay FB more money to get a better return on your investment? I’ll bet you would.
This is all conjecture. But if you think there might be something in the rumours, then call your agency and get planning your new FB campaigns… not long to go…
Want to know more? Visit Cyprus Blockchain Summit 2019.