While offering a service similar to the better-known del.icio.us, Faves had a wider range of functionality that encouraged interaction with "friends" in rating the content of linked webpages.

[2] In addition to features shared with other bookmarking and social bookmarking services, Faves provided an in-page dialog for saving a Fave, thumbnails generated from the page, dynamic voting, and topic-based auto-generated favorites pages.

Blue Dot Inc. was co-founded in 2004 by Mohit Srivastava and Sumit Sen using $1.5 million from angel investors, and the website bluedot.us was launched in June 2006.

In December 2007, the web site still listed the company name as Blue dot, Inc.

In June 2011, Faves.com, the software, database, and email list was sold to SocialAdr, LLC.