The company first launched its marketplace application in May 2007 as a way for users to post classified ads on the site. Though Facebook now has more than 175 million users, as the Internet marketplace of choice.

In late 2008, hoping to usurp some of Craiglist's business, Facebook brought the classifieds company to revamp the marketplace application.

The new marketplace is user-friendly and makes good use of Facebook's most salient feature -- the friend network. After creating a listing, users are able to request Facebook friends to promote the listing on their profile pages. There's also an option to promote listings through Facebook ads.

Another interesting feature is the option, which lets users donate the profits of the items they sell to charities such as UNICEF, the Sierra Club and the Boys and Girls Club of San Francisco.

Users who already have the old Facebook Marketplace installed do not have to re-install .