There’s been a lot of talk about virtual currencies recently, with Facebook reportedly testing a payment system for third-party applications and MySpace considering something similar.
Meanwhile, teen social network myYearbook is already making a healthy amount of cash with its virtual currency, dubbed “Lunch Money,” according to co-founder Catherine Cook.
The New Hope, Pa., company’s annual revenue is in the eight figures (for the math-challenged: that’s tens of millions of dollars), and about a third of that comes from Lunch Money, she says.
Keep in mind that myYearbook only started charging for its virtual currency six months ago. Now users can earn Lunch Money by completing activities on the site or by buying it with real cash.
They can then spend it on virtual gifts or use it to donate to charities of their choice in the myYearbook Causes program. (The site announced today that donated Lunch Money has saved 3 million square feet of rainforest, sent 22,000 books to Africa, and bought 40,000 pounds of rice for the hungry.)
Photo by myYearbook.