Digital Assets in Multi Player Video Game Worth Over US$1 Million
November 28th, 2006Get wiped out by the real estate bubble in the real world? No problem, just get rich off the real estate bubble in a video game.
The most incredible thing about this is that it’s not that different from how banking works in the real world.
The U.S. Dollar. Wow. The fact that it’s viable at all represents the greatest mass delusion in the history of the world.
Via: Fortune:
Anshe Chung, a real-estate tycoon in the digitally simulated world known as Second Life, has apparently become the first virtual millionaire–i.e., someone whose holdings in a make-believe world are legally convertible into genuine U.S. currency worth more than $1 million.
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In Second Life, subscribers get a tool kit that enables them to build and create an avatar (a character in the world). They also get a small quantity of Linden dollars to start out with, enabling the participant to buy additional tools and objects within the world itself. Linden Lab converts currency at a floating rate that, at the moment, is about 257 Linden dollars per U.S. dollar.
Though you can buy additional Linden dollars from Linden Lab by paying U.S. currency, Chung says she has made all her additional Linden dollars via in-world buying, building, trading, and selling. The lion’s share of it, she says, has been made by buying, developing, and then renting or reselling “land”–i.e., control over the virtual real estate simulated by Linden’s servers. Each of Linden Lab’s servers simulates about 16 acres of in-world property. At the time I wrote my article in November 2005, Chung was developing private islands and setting up communities restricted to, for instance, East Asian, Victorian, or Gothic architecture, or to French-speakers, or to gays and lesbians, or to fuzzy avatars known as “furries.” Because Linden Lab has added simulation servers more slowly than it has accumulated subscribers, virtual property values have soared.
