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Facebook's Marketplace Could Mean the Death of Craigslist

Craigslist could be in big trouble. Facebook has launched a new marketplace where users can search for stuff on sale in their own communities.

Called simply Marketplace, this Facebook tool can be found right at the bottom Facebook's mobile app. It lets users search for and sell things like home goods, electronics and apparel, the company announced today (Oct. 3).

Credit: Facebook

(Image credit: Facebook)

Since the Facebook app knows your location — assuming you've given it permission on your smartphone — it can automatically show you what's for sale nearby, or you can adjust the area where you want to search. Once you've sifted through the listed items and find one you want, like on eBay, you can make an offer to the seller and go on your own from there.

Sellers can just post a photo of what they want to sell, describing the the product and how much they want for it.

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For now, Facebook says it won't actually facilitate the payment part of Marketplace transactions, but Facebook Messenger allows users to send each other payments from debit card to debit card.

Facebook didn't specifically say if its Marketplace would also cover the job market, posting help wanted ads like those you can find on Craigslist. That's good news for Craigslist for now: while that site is free for job seekers, Craigslist brings in revenue by charging fees to place job ads as well as other classified ads in certain cities.