a couple interesting articles on virtual worlds using real currency and contributing to the real economy but not really being noticed. in the wharton article – The New New Economy: Earning Real Money in the Virtual World – one of the academics estimates the virtual economy is worth somewhere between U$200 million and U$1 billion.
they are focusing on the online multiplayer role playing games in this article. the virtual to real currency comes into play when an unexperienced or time constrained player buys powers or loot from an experienced player. they have even estimated an experienced player can sell enough power/loot to make U$3-4 a hour and point out how that’s not a good wage for an american (although people do live on those wages) but it is a good one for someone in say… china.
two posts @ freedom to tinker address the gov’t getting involved in the games because of the virtual economy. last nite i thought i saw a posting about terrorism & the games… gov’t wanting to monitor the games for illegal activity and i thought it was on schneider’s blog but now i can’t find it. maybe i dreamt it.
what i find most interesting about this wharton article is this quote:
However, these economies are becoming increasingly important, says Wharton legal studies professor Dan Hunter, adding that they could redefine the concept of work, help test economic theories and contribute to the gross domestic product in the United States.
redefine the concept of work. hmm. i wonder about that statement. sure it is creating a new area of industry, just like ebay allowed people to increase their income by selling their stuff or any number of the affiliate programs (such as those amazon ads on the right side on this site). and interacting online in any way is great training for working in virtual teams in the future but i’m not sure about redefining the concept of work. essentially it seems we’re talking about knowledge work which can be outsourced and probably has the biggest (human) benefits by outsourcing it to places with smart but low paid populations. (am i sounding like daniel pink’s a whole new mind?) i’m definitely not sold on the redefinition of work idea.