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On Tuesday, a Dutch land speculator bought a digitally re-created Amsterdam, replete with red light district, houseboats and murky canals, for the princely sum of $50,000 on eBay. The fact that this simulated city exists only in the virtual world of Second Life was hardly a problem for the buyer. In fact, that was the appeal.
The Times Newspaper, UK wrote:
Speculating in virtual land is big business in Second Life, as is selling virtual sunglasses, pets and apparel. Your avatar can hardly afford to be seen in something other than the latest Second Life styles – which seem to be crisp, tight T-shirts for the fellas and cleavage-revealing tops for the ladies; for the other life forms, it varies – nor live in some ordinary flat. Island idylls are all the rage in Second Life, as are simulated versions of the world’s hippest and coolest cities. Forget Essex. Your avatar wants a kitted-out pad in Amsterdam. This is your Second Life. Live it up, virtual worlder. Spend a little bit.
And, therein lies the secret to the economic success of virtual worlds. Unlike the inefficient real world we grumble about daily, in virtual worlds there is hope for a better future. And, when there is hope, people spend money. Some of them will even spend $50,000 on a pixelated city. Other virtual worlds provide other opportunities to spend real cash. World of Warcraft warriors may want to invest in something more practical, such as ghost mushrooms, a handy ingredient for demon slaying and invisibility potions.
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