3. QWeibo virtual goods – purchases on QWeibo arce currently based on Beans earned for being an active user. But with the launch of Weibi, watch out for paid monthly subscriptions that grant VIP status and cooler decorations and virtual gifts for friends.
China’s Top 4 SNS Virtual Currencies中国四大虚拟币
Finally, for reference, here are the top virtual currencies among Chinese social networks:
1. Tencent Q Coin (Q币) – This was among the earliest virtual currencies in China, and is perhaps the most mature model in the world. In 2010, 60% of Tencent’s sizable revenue or RMB 19.6 billion (USD $3 billion) was derived from its online gaming business. Around 10% of its 674 million QQ IM users pay for virtual items and VIP memberships that give them special status perks. Many of the payments come as monthly subscriptions rather than just one-off payments. With the launch of Tencent’s open platform Q+, we are expecting Q Coins to expand in scope.
2. Renren Beans (人人豆) – Renren also offers a virtual currency that’s mainly used for social gifts, decorations, and in-game purchases of virtual items. In 2010, internet value added services (IVAS) accounted for 58% of Renren’s revenue. It’s unclear what percentage of those services (overwhelmingly web/MMORPG games) use virtual currency for payment. What is clear is that Renren’s open platform (with applications and social games), unlike Facebook, has not been able make much money. It generated only USD $3.5 million in 2010. VIP memberships also generated a relatively small sum of $2.1 million.
3. Kaixin001 Coins (开心币) Kaixin001 was rumored to have 2010 gross revenues of 250 million RMB (39 million USD), with an estimated 20% from IVAS. IVAS on Kaixin001 counts gifts and in-game purchases. Kaixin001 is smaller than Renren and much smaller than Tencent, but that nevertheless indicates some success in virtual currency as it places more and more emphasis on social games.
4. Douban Beans (豆瓣小豆) – Douban, true to its original style, has a different way of using virtual currency. Instead of buying virtual items, Douban users exchange Beans for discount coupons on eCommerce sites that are redeemed for real life products. It’s a new service and we’ll keep you posted on the details.
And just in case that wasn’t enough Sina Weibo updates for a day, Sina has moved its ‘Qing’ lite-blog from qing.sina.com.cn to a domain under Weibo: qing.weibo.com
