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Title: Cash card taps virtual game funds
Source:
BBC News
URL Source: http://news.bbc.co.uk/2/hi/technology/4953620.stm
Published: May 2, 2006
Author: BBC
Post Date: 2006-05-02 22:48:48 by robin
Keywords: None
Views: 52
Comments: 10
Gamers can use the card at cash machines around the world to convert virtual dollars into real currency. The card is offered by the developers of Project Entropia, an online role-playing game that has a real world cash economy. Last year, a virtual space resort being built in the game was snapped up by a gamer for $100,000 (£56,200). The buyer, Jon Jacobs who plays in the game as a character called Nerverdie, is developing the space station into a virtual night club through which the entertainment industry can sell music and videos to gamers. "We're bridging the gap between virtual reality and reality right now," said Jan Welter, founder of Project Entropia. Alternate worlds Project Entropia is one of several games known as massively multi-player online role-playing games (MMORPGs). The games allow people to inhabit alternate virtual worlds as a character of their choosing. In Entropia, these avatars, as they are known, play out their virtual lives in a planet called Calypso that has two continents with large expanding cities. The basic version of the game is free. But according to Jan Welter, just like the real world you need money to experience everything the Universe has to offer. "If you fell out of nowhere and landed in a street in London, you could walk around there for free. But if you want to have fun then you need to spend money," he said. "It's the same in our world." The Entropia economy works by allowing gamers to exchange real currency for Project Entropia Dollars (PEDs) and back again into real money. Ten PEDs are the equivalent to one US dollar. Making money Gamers can earn cash by accumulating PEDs via the acquisition of goods, buildings and land. For example a gamer may choose to be a hunter who traps virtual animals for their furs. These can then be sold to a virtual seamstress who makes and sells clothes. The founding company, MindArk, makes money because all of the tools used by characters in the game have a finite life and need to be repaired. If a hunter needs to continue using his weapon to make money, he must pay MindArk to repair it. Last year $165m passed through the game and the founders of the online Universe expect that to at least double in 2006. The new cash card blurs the boundary between the virtual and physical world even further. It allows people to access their virtually acquired PEDs and convert them into real world money at any cash machine in the world. "We are creating the next level of the online experience," said Mr Welter. Virtual treasure The card, issued by MindArk, is associated with the players Entropia Universe account and has all of the features of a real world bank account. Players can transfer, withdraw, deposit and even view account balances using the system. "It is incredible to now think that it is possible to manufacture and sell a virtual item one minute and then go out and buy real dinner the next minute, with the same funds," said Jon Jacobs, owner of the virtual space resort. For many people, games like Entropia have become a real source of income. In December 2004, another character called Deathifier, bought a virtual treasure island for $26,500 (£13,700). The real person behind the character, an Australian gamer called David Storey, recouped his money within a year by selling land to build virtual homes as well as taxing other gamers to hunt or mine on the island. The sale of the island was in the Guinness book of World Records as the most virtual dollar ever spent. The sale of the space station in 2005 is the new record holder.
(8 images)
A real world cash card that allows gamers to spend money earned in a virtual universe has been launched. 
We are creating the next level of the online experience 
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#1. To: robin (#0)
I've been spending a lot of time lately in another version of this sort of thing, a virtual world called "Second Life". It's been an interesting experience to say the least. Met a lot of good people there, not to mention furries, dragons, robots, animals, you name it. There is an economy there, and many people make their livings off of their efforts in Second Life. To my mind, it's the wave of the future.
 | Gold and silver are real money, paper is but a promise. |
#2. To: Elliott Jackalope (#1)
Good to see you Elliott. When I read this, I kept thinking, my 18 year old is rich! He told me several months ago that he thought he could almost survive this way. It wasn't what I wanted to hear, believe me. ;) There is something intriguing about it though. It is a skill set of sorts, just one I can't quite fathom.
Guard against the impostures of pretended patriotism. – George Washington "If the president made us go to war with Iraq, why doesn't he go over there and fight the war?" Christian May [6th grader]
#3. To: Elliott Jackalope, robin (#1)
no kidding?
There is an economy there, and many people make their livings off of their efforts in Second Life.
"Of the corporate elites, by the corporate elites, for the corporate elites" - it's what America is all about. Now send your kids off to fight and die in Iraq so that corporate pigs get everything and we get nothing. What else have we ever fought for?~~Elliott J
#4. To: Elliott Jackalope, robin (#1)
I've been playing Eve-Online for years. It is a massively multiplayer space game with a complex economy. Players mine the ore from asteroids, process it into minerals, and sell it to others. Some players then build goods with it (ships, weapons, etc.) and resell the goods back. Guess what one of the bigger problems seems to be these days? There seems to be an abundance of miners who don't speak english, presumably living in China (based on their character names). They are mining virtual rocks 23 hours a day, 7 days a week, and no doubt turn the virtual money into real money by selling it to others. Since it is a player vs. player game, the miners tend to stay in the relatively safe areas. However, there are quite a few groups who take it upon themselves to attack them anyway. The police come and extract revenge on the aggressors. Everybody loses. Within a few minutes the miners will be right back at it again though. You'd think there would be massive inflation in the game. However, with the influx of cheap minerals and too much competition (there are a lot of players in the game making ships, weapons, etc.), prices are fairly stable at the low end. There comes a point where you are rich enough (virtually anyway) and you no longer think accumulating more money is worth it. What you really want is rare equipment. Now that stuff inflates, if you can even find it at all. So much for the thought I could play to escape reality. There are a few differences though. 1. In Eve, asteroids are replenished nightly. Resources never run dry. Hey, I guess it is an escape from reality after all. Well, other than having to compete with the Chinese when it comes to finding a job this is. That part is all too real.
2. You never have to eat.
3. Energy is free. You don't need to pay for fuel.
4. You don't need to pay rent unless you want an office (optional).
Deflation: Making Sure "It" Doesn't Happen Here - Ben Bernanke, 2002
#5. To: markm0722 (#4)
There seems to be an abundance of miners who don't speak english, presumably living in China (based on their character names). They are mining virtual rocks 23 hours a day, 7 days a week, and no doubt turn the virtual money into real money by selling it to others. Hilarious!
Guess what one of the bigger problems seems to be these days?
Guard against the impostures of pretended patriotism. – George Washington "If the president made us go to war with Iraq, why doesn't he go over there and fight the war?" Christian May [6th grader]
#6. To: christine (#4)
ping to mark's post
Guard against the impostures of pretended patriotism. – George Washington "If the president made us go to war with Iraq, why doesn't he go over there and fight the war?" Christian May [6th grader]
#7. To: robin (#6)
i read it, thanks, robin. i sent a link to this thread to my son. i think he'll find this interesting. he plays some kind of internet game. i don't know if it's like this or not.
"Of the corporate elites, by the corporate elites, for the corporate elites" - it's what America is all about. Now send your kids off to fight and die in Iraq so that corporate pigs get everything and we get nothing. What else have we ever fought for?~~Elliott J
#8. To: robin (#5)
Oh yeah, you think it is funny, huh? ;) Try sitting in a remote solar system with 5 other players there with you. Now imagine what you'd be thinking if these were their names. awangyongjuna I kid you not! Those were there names. One of me to 5 of them. Figures, lol. As an added insult, there was another group of 5 (fwangyongjunf to jwangyongjunj) off mining elsewhere.
Hilarious!
bwangyongjunb
cwangyongjunc
dwangyongjund
ewangyongjune
Deflation: Making Sure "It" Doesn't Happen Here - Ben Bernanke, 2002
#9. To: markm0722 (#8)
Well don't bother to say hello to them! Those are not names that's a dataset!
Guard against the impostures of pretended patriotism. – George Washington "If the president made us go to war with Iraq, why doesn't he go over there and fight the war?" Christian May [6th grader]
#10. To: robin (#9)
It felt like a Wang Chung song. Oh everybody have fun tonight? Well don't bother to say hello to them! Those are not names that's a dataset!
Everybody have fun tonight
Everybody's wang yong tonight
Everybody have fun tonight
Everybody's wang yong tonight
Deflation: Making Sure "It" Doesn't Happen Here - Ben Bernanke, 2002
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