The USD5 worth of Amazon coins was a gift well spent by Kindle Fire consumers. This in turn was an excellent money-generating move for both Amazon and app developers, according to tech evangelist Peter Heinrich.
The Next Web reported that in three months since Amazon first launched Amazon Coins as a gift to Kindle Fire customers, more than 100 million in virtual coins were spent to purchase apps, in-app items and virtual games in the Amazon Appstore and in Kindle Fire.
The value of the Amazon coin in the virtual currency market rose as well. The current value of USD1 to Amazon dollars can fetch up to USD100, according to an industry observer from PocketGamerbiz.
Mobile developers were quick to cash in. The Next Web reported that profits from apps and games were 150% when the Coins were released for virtual transactions. Web developers received 70% of the revenue share.
Virtual money like Amazon Coins and Bitcoins is an emerging industry because of the as ease of the closure of the transactions using the currency. Virtual currency provided an avenue for everyday people to participate in opportunities like private funding and investment strategies.
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