I think we need to realize that microtransactions will end up being just credits of appreciation that are traded around. Users won't be counting these in terms of exchange value but rather in terms of the powers it enables.

Step away from your mindset as an investor and think about the person who is actually using sub-penny transactions. Are they thinking about the $0.00001? Hell no. Get a clue!

When you play a game, you earn credits to enable new powers and buy extra capabilities. Microtransactions are like that but on a more general setting of virtual life from social networking to even virtual jobs. So you want to order some customized shoes over the internet, you can just as well think of this as a capability enabled by the social value you attained with all your efforts in the virtual space (and that can even include work such as programming, designing something, recruiting, promoting, etc..)

The investors will want an exchange value to existing monetary markets fine. But the users are not primarily thinking about these tiny payments of fractions of a penny as money. They already have money for large purchases, every day needs, etc.. The transition (unification) from their virtual values (Likes) to what they use to pay for every day needs will happen seamlessly over the next decade as if they didn't even realize the unification was occurring.

To make new markets, we need to think of markets that are not already addressed by users' existing concepts of what money does and is. We should not struggle with making them rethink what money is and instead grab the lower hanging fruit of adjusting what money is to what they are already doing! And give it a name.

Instead of waiting for Facebook to record all the Likes in the universe (which is impossible), our block chain becomes a recording of Likes in a more fungible sense (and we can also have 2.0 assets for non-fungible vertical market units suck as Likes and these can then have an exchange value to Loves).

Think out-of-the box.