Virtual LandWhat Makes Virtual Gaming So Popular?

Virtual gaming is expected to replace the most popular social medias. Today, people read status bars and tweets about friend’s latest thoughts. However, in the near future people will not only know about the latest happenings of a friend’s life but your avatar and your friend’s avatar will be watching movies together. It will be the norm for virtual 3D friends to interact in a virtual property, listening to music. Friends can walk through a virtual mall or dance at a nightclub. According to Forbes magazine, 80% of active Internet users participate in virtual gaming worlds and many of them are making money in these imaginary environments.

It is true that individuals are earning money by marketing imaginary property. Investment portfolios now include fake property. With the increased interest in online social media and gaming, computer programmers have designed software that combines the two into a virtual world with a virtual economy. Individuals can add their avatar and play for free. However, all of the fun past times cost virtual money. In a virtual economy, virtual money has a real-world value.

A Virtual Economy

Virtual economies exist inside Internet gaming. The virtual world is realized through MMORPGs (Massively Multiple-Player Online Role Playing Games). Virtual money can be exchanged for goods or services. Many of these games allow for virtual money to be exchanged for real dollars. Because the fake money can be exchanged for real money, players can “own” intellectual property rights to “in-world” lands. Virtual property can refer to any resource, such as virtual objects, avatars, or user accounts. When purchasing lands users pay a set-up fee and an additional payment per month fee for as long as the user “owns” the property.

Virtual Real Estate

In the gaming world, avatars can interact in the marketplace, in a place of entertainment, and even a place of education. When a user wants to purchase property, they can do so by buying land from another resident, buying land at auction, or buy customizable land to divide and rent. Land can be adjusted and developed, similar to the real world. Heights of land can be adjusted. Trees installed. Environments changed. All this can be accomplished through Paypal. Businesses can be bought, created, and established “in-world”.

The virtual real estate is similar to real-world property in a couple of different ways. One, virtual real estate and real-world property cannot escape taxes. Any real-money made is taxable. Two, real estate in either world can make the owner/user a lot of money. There are many ways the two-worlds are different. In the virtual world, land is in endless supply, unlike the real-world. Mortgages are eternal. No land is ever owned out right in the virtual world. Also, there is no lending in the virtual world.

Characteristics of Virtual Property

  • Rivalry: possession of property is limited to one person or a group of people
  • Persistence: resources persist even if user is not logged into the virtual world
  • Interconnectivity: resources may be affected by other users
  • Secondary markets: resources may be created, traded, bought, or sold and valued by real-world dollars
  • Value added by users: property may increase in value by customizing the resource

Virtual Land Developed

The easy way to explain how to develop land is to relate the virtual land to a website. The virtual land, like a website can be designed and have information stored in its storage area. Most gaming software has easy-to-learn 3D building environments which can be used to build items alone, in a group, in real time, or at different times. Scripts and behaviors can then be added to any creation to make them appear more life-like. Real physics, such as code to make graphics respond to gravity, inertia, propulsion, and wind can be added. Graphics can also be imported to add realism.

How to Make Money Inside In-World Gaming

1. Begin small. Build creations and sell them online. In the virtual world of Second Life, an online marketplace called, Xstreet SL was created for selling purposes.
2. Gradually build on your selling momentum. Begin your own virtual shoe store, shopping mall, nightclub, or portrait studio. Sell your virtual wares and services.
3. Become a land baron by buying and developing large tracts of virtual land. Sell or rent the land to other residents. (Begin small at first. Pay for one piece of property before buying any more properties. Don’t invest more than you can afford to lose.)
4. Don’t limit selling properties or items to just the gaming world. Sell your goods or services on e-Bay.

Virtual 3D Gaming Sites

  • Active Worlds
  • Blue Mars
  • Club Cooee
  • Empire of Sports
  • Football Superstars
  • Free Realms
  • Frenzoo
  • FriendsHangout
  • Gojiyo
  • HiPiHi
  • IMVU
  • Kaneva
  • Meet-Me
  • Moove
  • NuVera Online
  • Onverse
  • Openism Gnutopia
  • Red Light Center
  • ResLive
  • Second Life
  • There Inc.
  • 3D Chat
  • Twinity
  • Vie the Game
  • vSide

Hope this helps,

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(1) comment

Cathy Chan says:

April 17, 2012 at 6:40 pm

I would admit that I am one of those people who are into gaming and social networking. I am also interested in business. This is actually the first time that I heard about this virtual real estate. The first time I read the title I became interested on how this would work and how would I earn some money. I just hope that you will share more information about this. Thanks!

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