Facebook offering cash to developers creating innovative applications

Online social networking service Facebook has announced that they are now offering awards up to $250,000 to developers who can code applications on their platform which can make them even more attractive to online web users.

These incentives are being offered as part of the $10 million fund financed by Accel Partners and The Founders Fund.

They would be giving grants ranging from $25,000 to $250,000 to developers coding for their Facebook platform.

This means that coders now have a great opportunity to code interesting applications for Facebook. They were already gaining revenues from advertising inside their applications on the service.

Facebook however still is a smaller player in this segment of the market compared to MySpace.com which is owned by News Corp.