The communication tool is an important component of a virtual team, and virtual teams are highly dependent upon the communication tools for accomplishing their tasks and fulfilling their needs effectively. This research in progress builds upon the existing literature and employs the concept of feature richness of social media tools and a Transactive Memory System (TMS) approach to develop a conceptual framework for understanding the impact of social media tools on virtual team performance. Thus, a conceptual research model which postulates that TMS mediates the relationship between social media tools and virtual team performance, is developed. This research tries to establish an appropriate component-level mapping between the components of TMS construct and the feature richness factors to provide a deeper understanding about the effect of social media tools on TMS and consequently, the impact on virtual team performance.