Could Facebook be working on its own iPhone photo sharing application? TechCrunch has reportedly obtained 50MB of documents and photos detailing what may be an iPhone photo sharing app created by the social network.

The possibly stand-alone application would be an Instagram meets Color mix with a few extra surprises thrown in as well.

A whopping 6 billion photos are uploaded to Facebook each month. If Facebook does launch a photo application it will be an instant contender against all of the other photo apps out there, just because of the sheer size ad reach of its photo collection.

What do you think about the possibility of a Facebook photo application? What features would you like to see in the application? Would you use it?

[via TechCrunch]