quasi in rem

Friday, January 23, 2004

Real money for fake stuff

I have no idea why this virtual property has value. But appaparently people are willing to millions of dollars for it. Virtual Currency Pioneers to Join Forces; Internet Gaming Entertainment Ltd. Acquires Yantis Enterprises, Inc: "Massively multiplayer online role-playing games ('MMORPGs') like EverQuest and Ultima Online are filled with virtual property -- things like magic weapons, houses, in-game currency, and characters that are bought and sold on auction exchanges, with thousands of dollars trading hands every day. The total trade volume for virtual property is estimated by Professor Edward Castronova, professor of economics at Cal-State Fullerton, to exceed $400m annually, with an undetermined portion of that amount annually captured in real-world dollars by dealers in virtual currency and goods. "


Post a Comment

<< Home