Kickstarter and GoFundMe are about to have their work cut out for them. For the past several years, these popular crowdfunding sites have dominated the market. But now, there's a new kid in town.
Well, not "new" per se. Facebook has obviously been around for a long time. But crowdfunding is the next big thing for the social media giant.
To be honest, it's surprising that Facebook took so long to get into this game. Especially since a key element of a crowdfunding campaign is how it's shared and promoted.
With Facebook's new fundraising tool, promoting your campaign happens with just a click of a button. It's easy to tag friends who might also be interested, and it's easy to share.
The tool was designed with nonprofit organizations in mind, as well as smaller organizations that encounter challenges when trying to raise money for their cause. Fundraisers can be for anything. Raise money for disaster relief, to polar bears, or to help find a missing child.
To help nonprofits increase donations, the Facebook fundraising tool will include a "Donate" button. This donate button will also come with an assortment of embeddable options that can be added into blog posts, website navigation bars and landing pages.
Currently, the feature is in the testing phase. There are 37 organizations that are giving it a try and offering feedback to Facebook's developers. And while no set release date has been mentioned yet, Facebook claims more groups will have access to this new tool soon.
This is just one of the new features it has in the works. Earlier this month, Facebook shared its new "Notify" app, which is a stand-alone newsfeed.
What do you think they'll think of next? Let us know in the comments below.