Tech pundits have been predicting a new mobile device under the Facebook brand name for quite some time now, and it appears their predictions will finally be coming to fruition. Wired’s Gadget Lab is now reporting that Facebook has already entered an agreement with HTC Mobile to begin the work on a new ‘Facebook Phone.’

Unlike other devices in the past like the Facebook Status which had elements of their design focused on adding Facebook functionality to an otherwise universal mobile device, this new project represents the first time a mobile device is being designed from the ground up with complete Facebook integration at the forefront of its architecture.

“The Facebook phone will go in one of two routes” said Derek Kerton, principal analyst of The Kerton Group. “One, it’s an Android phone with Facebook overlay, like the current HTC Sense overlay on Android. Two, it takes Amazon’s Kindle Fire approach and forks Android for Facebook.”

That second option seems far more likely as tech companies continue to do their best to narrow their competition by creating their own proprietary ecosystems. Amazon recently did it on the Kindle Fire with their SILK OS, Apple is using Siri to avoid giving user metrics to search giants like Google and now it appears Facebook is taking a similarly important step to secure its own audience while adding the kind of interactive mobile experience that only a Facebook Phone might provide.

As with all new ventures, monetization will be the key and Facebook will likely rely on third-party developers to create the bulk of the applications available for their new device. That also brings up the quintessential question of how those developers will best be able to efficiently sell their products and services while retaining the lion’s share of the profits.

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