Revision as of 11:29, 29 December 2006

Greg Martin: "Players who use Warcraft, Everquest, Ultima and others sell their money to other gamers in exchange for real cash. There are auction sites devoted to facilitating these exchanges, including exchanges between completely different games through the medium of regularmoney. You can even look up exchange rates between various game currencies and the US dollar."

Description

Greg Martin:

Online roleplaying games (RPGs) simulate a fantasy world where people can do battle with each other, form alliances and explore the virtual landscape around them. Some RPGs are set in a medieval past, others in a post-apocalyptic future where mankind has reverted to barbarism. The people who play in these virtual worlds can do so through various types of characters such as warriors, mages, merchants, theives and others. But one of the things these RPGs have in common is that they have a system of virtual money.

Different characters can sell things to each other such as magical items, weapons and potions. So what does this have to do with P2P monetary concepts? Well, hardcore gamers are actually willing to sell these things in exchange for real money. They meet each other in the game but instead of using virtual money they make their transactions on eBay, paying real money in exchange for virtual money or other game artefacts that are difficult to aquire. Not only do they make these transactions on eBay but a whole new genre of auction sites has sprung up to serve these online gamers. Some of them even display the exchange rate between US dollars and the currency systems of various games like Final Fantasy, Ultima, Everquest and others.

So how common is this? Well here are some interesting figures. The market now has 29 characters in six different games that act as virtual bank managers in the separate worlds. 2003 saw more than $9m of trades on Ebay category 1654 which covers internet games. This figure excludes trades done on EverQuest - by far the most popular US online game.

One player of the RPG Ultima tried to make $1000.00 in such trades in three weeks. He succeeded with just minutes to spare. (http://news.bbc.co.uk/2/hi/technology/3135247.stm)

An island in Project Entropia sold for U.S. $26,500 (£13,700). One gamer also purchased a virtual space station for U.S. $100,000 (£56,200) and plans to use it as a virtual nightclub. (http://www.answers.com/topic/virtual-economy).

The virtual economies of these games even experienced issues similar to real world economies, such as having to deal with the problem of inflation. Online RPGs could serve as a testing ground for alternative currency ideas. But more importantly the people playing these games already have the motivation to network with each other outside of the game and bargain with these currencies as if they were "real" money. I believe this could serve as a viral method of promoting alternative currencies.

Sites to Buy & Sell Game Money and Look Up Exchange Rates

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Virtual Gaming Currencies: Difference between revisions

Revision as of 11:29, 29 December 2006

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Sites to Buy & Sell Game Money and Look Up Exchange Rates

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+Greg Martin: "Players who use Warcraft, Everquest, Ultima and others sell their money to other gamers in exchange for real cash. There are auction sites devoted to facilitating these exchanges, including exchanges between completely different games through the medium of regularmoney. You can even look up exchange rates between various game currencies and the US dollar."
+=Description=
+Greg Martin:
+Online roleplaying games (RPGs) simulate a fantasy world where people can do
+battle with each other, form alliances and explore the virtual landscape
+around them. Some RPGs are set in a medieval past, others in a
+post-apocalyptic future where mankind has reverted to barbarism. The people
+who play in these virtual worlds can do so through various types of
+characters such as warriors, mages, merchants, theives and others. But one
+of the things these RPGs have in common is that they have a system of
+virtual money.
+Different characters can sell things to each other such as magical items,
+weapons and potions. So what does this have to do with P2P monetary
+concepts? Well, hardcore gamers are actually willing to sell these things in
+exchange for real money. They meet each other in the game but instead of
+using virtual money they make their transactions on eBay, paying real money
+in exchange for virtual money or other game artefacts that are difficult to
+aquire. Not only do they make these transactions on eBay but a whole new
+genre of auction sites has sprung up to serve these online gamers. Some of
+them even display the exchange rate between US dollars and the currency
+systems of various games like Final Fantasy, Ultima, Everquest and others.
+So how common is this? Well here are some interesting figures. The market
+now has 29 characters in six different games that act as virtual bank
+managers in the separate worlds. 2003 saw more than $9m of trades on Ebay
+category 1654 which covers internet games. This figure excludes trades done
+on EverQuest - by far the most popular US online game.
+One player of the RPG Ultima tried to make $1000.00 in such trades in three
+weeks. He succeeded with just minutes to spare.
+(http://news.bbc.co.uk/2/hi/technology/3135247.stm)
+An island in Project Entropia sold for U.S. $26,500 (£13,700). One gamer
+also purchased a virtual space station for U.S. $100,000 (£56,200) and plans
+to use it as a virtual nightclub.
+(http://www.answers.com/topic/virtual-economy).
+The virtual economies of these games even experienced issues similar to real
+world economies, such as having to deal with the problem of inflation.
+Online RPGs could serve as a testing ground for alternative currency ideas.
+But more importantly the people playing these games already have the
+motivation to network with each other outside of the game and bargain with
+these currencies as if they were "real" money. I believe this could serve as
+a viral method of promoting alternative currencies.
-Greg Martin: "Players who use Warcraft, Everquest, Ultima and others sell their money to other gamers in exchange for real cash. There are auction sites devoted to facilitating these exchanges, includingexchanges between completely different games through the medium of regularmoney. You can even look up exchange rates between various game currencies and the US dollar."