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Facebook's platform has captured the hearts of Valley developers and the wallets of Sand Hill moneymen, but still has yet to prove it can make a buck. The question, five months after the Facebook frenzy began, is how much is a Facebook application worth? For an answer, let's turn to widget powerhouse RockYou, the startup known to users for its horoscope application and to backers for an intellectual property scandal which almost cost backer Sequoia Capital its investment. Here's what they thought one high-profile app was worth.

We hear RockYou made a quiet pitch to the developers of Facebook application Graffiti soon after the Facebook platform launched. The offer? $2 million for the viral success story, mere weeks after it was introduced. The most bizarre part of this tale is the reaction from the developers Mark Kantor, and Tim and Ted Suzman: They turned down the offer, presumably because they were looking for a higher payout for their numerous sleepless hours spent coding the time-wasting widget. Think these guys have a bright future ahead of them? Join the team. They're looking for an engineer.