If we open up a newspaper or surf the internet these days, we come across a multitude of stories that relate to the current financial troubles that people are facing the world over. However, as we touched on in a recent article, virtual economies are booming, so I present to you a light-hearted look at a few virtual economies that are worthwhile right now.
Second Life
By now, most of the world (business/financial sector, included) has gotten to know about the online world of Second Life and even this author has occasionally taken time out to have the opportunity to do not much of import in Linden Lab’s virtual reality world.
Second Life is home to its own vibrant economy, with residents of the world being able to earn in-game cash in any number of ways, including just purchasing some with real money (on last check, the LindeX market data valued the Linden Dollar as being around 260 LD for every 1$ USD spent).
A resident can become a designer of sorts, crafting fashionable items for other residents to purchase, you can work for one of the many in-game companies, or become part of the ever-growing sex industry that Second Life also has in it (a bizarre case of art imitating life, perhaps?). It’s even possible to earn a living purely in something like Second Life, as real-estate mogul Anshe Chung and others have proven since the game’s inception back in mid-2003.
World of Warcraft
Easily the most widely-known example of Real Money Trading in online environments these days and perhaps also largely responsible for governments wanting to get in on the action by wanting to impose taxation on virtual items.
Warcraft has an economy of its own, with over 11 million subscribers all exchanging in-game money (Gold) for in-game items in a system of trading, supply and demand that is regulated both by players and Blizzard, the game’s creators.
Naturally, this also provided gold-selling companies with ample opportunity to make the economy and the innate desire for wealth that many people seem to possess, work for them. Of course, with gold-sellers seemingly exploiting and profiteering from the needs of gamers and whilst they arguably provide people in financially poor situations with much-needed employment, they are still making money in ways Blizzard think they shouldn’t.
In the middle of 2008, Blizzard finally decided to take heed of the legion of gold-seller complaints they were no doubt receiving from players and initiated a large-scale covert banning of all Warcraft gold-seller accounts, sending them (the sellers) spiralling into their own financial crisis, as gold prices went up faster than oil did (doubling in just five days).
With the importance and potential cultural impact that Real Money Trading in games can have on the rest of the world finally coming to light, someone has even decided to produce a film on the topic.
Entropia Universe
Entropia Universe was mentioned in that recent article mentioned above, but it’s essentially an online universe that revolves around Real Money Trading, with 1$ USD being the equivalent of 10 dollars of the in-game currency.
Players are actively encouraged to become fully engaged in the economy that takes place in the Entropia Universe by fighting for money, designing costumes, making sought-after equipment or providing entertainment.
Jon “NEVERDIE” Jacobs is one of these players and owner of the single most expensive virtual item ever paid for with real money (a night-club asteroid for $100,000 real USD, which he made back in a few months).
Jacobs is a veteran of RMT in the world of Entropia Universe and can been seen here, expounding on the benefits of RMT and reassuring us that despite mortgaging his house to buy a virtual asteroid, he hasn’t gone insane and now makes a handsome profit.
