By opening its network to developers, facebook has provided a great way to make money of it: applications. Over 1000 new developers are joining everyday and taking advantage of this great money making opportunity.

These are some of the ways people are making money with facebook:

1. Sell Advertising Space: Facebook application websites can make money by directly selling banner advertising space or through advertising networks like the extremely popular adsense and others like Lookery and Userplane. This monetization method is also used by normal blogs and websites.
2. Sell products and services: Developers can make money of their applications by selling products as well, whether through affiliate programs like clickbank and amazon, or directly selling their own products. Among the different things you can sell are: ebooks, webhosting, software and a huge number of other digital products.
3. Sell the applications: Develop the applications with the purpose of selling them to interested parties.
4. Develop facebook applications as a consultant: Good quality facebook applications developers are in extremely high demand. Some programmers are making up to $300 hourly for writing and deploying facebook applications.
5. Write and sell a facebook ebook: The outstanding popularity of facebook these days offers a great opportunity to make money from writing and selling ebooks about it.

Social network twitter is becoming increasingly popular these days. The site is now very close to reaching a top 10 worldwide alexa position.
Essentially twitter is a micro-blogging network that can be used to keep in touch with friends, customers, relatives and colleagues. But what monetization options can be used to make money from it? Here you have some suggestions.

1. Affiliate Marketing: To promote an affiliate program or product you just have to embed the link in your tweet post using tinyurl.com or another similar service. This method can be used in many different ways; for instance, lets say one of your visitors is looking for certain software or any other digital product or service, what you can do is suggest him some of the best options, sending him to your affiliate pages. You can also do direct promotion; these are some things you can promote using twitter: online surveys, video software, ebay auctions, and many other things.
2. Sell you own products: You might also want to sell your own products by sending your visitors to a sales page.
3. Paid Reviews: This is another great monetization option, it works in the same way as when used in a normal blog or website. You can write paid reviews about different digital products or services and post them in your twitter site, in exchange advertisers will pay you a certain amount of money.

To promote an affiliate link or sales page you can do it directly in your twits or in a more indirect way via your blogs or personal websites whose links can be found in your twitter profile.