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Gamer sells virtual game property for over half a million dollars

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Re: Gamer sells virtual game property for over half a million dollars

#21

Post by electromagnetic »

extension wrote: post #16

It looks like Second Life plus FPS game. I can see how that could be a human black hole. The biggest barrier to entry for SL is figuring out what to do with yourself in-game. If you just got sucked in to fighting orcs or whatever right away, the addiction would take hold much faster.

In the beginning of the game you start grinding basically. I know I started hunting animals and sold what I got until I could get a decent gun. I then saved till I could get mining equipment. I got lucky in the middle of nowhere and hit a huge vein of gems (or something) that I sold for like 5x what I paid for the mining equipment.

I then bought armor and a better weapon and went roaming the wilderness to find one of the better cities with better markets. I could have gone with one of the 'coyotes' to help me do the crossing (some seriously big monsters along the way that I had to run like shit from) but they charged ridiculous amounts and if you had an iffy connection you could lose them and the cash you spent.

I eventually got a bit bored with the game as it's specifically designed so progression is really slow without dropping money. At least they kept skill progression to grind only or ludicrously expensive 'implants' (like in EVE).

Re: Gamer sells virtual game property for over half a million dollars

#23

Post by Xurinos »

mhb wrote: post #22

If there were a poker game in the virtual world, would that be legal in the US? Would it depend on whether the currency was convertible to real money? If so, would there be a threshold rate of exchange at which it is legal vs. illegal?

This idea has been explored in Second Life. I do not know the answer, but there must be some literature out there that discusses the legality of the virtual casinos in SL. You might search for SL's currency (linden bucks) to find it.

Re: Gamer sells virtual game property for over half a million dollars

#24

Post by citricsquid »

trotsky wrote: post #18

Previous large money transactions in Project Entropia have been shown to be PR manipulations ($100k "sale" from company to employee) or outright fabrications. There are plenty of references to these investigations out there on the net, though don't look to wikipedia, it's heavily astroturfed. Bottom line is the game is a ponzi scheme, using fraudulent high dollar transactions to lure in lower dollar players. Some of…

It should be pointed out though that these sort of sales (not at $500k, but "large" $1k+ figures) do happen in some games (EVE) though!

Re: Gamer sells virtual game property for over half a million dollars

#25

Post by dholowiski »

Charuru wrote: post #19
dholowiski wrote: post #8

Earlier quoted context omitted.

I just remembered- I bought the house to set up a beauty salon. My profession was a hairstylist - one of the more elite profession. I spent well over $100 on a hairstylist chair (I had to watch the auctions for weeks before one even showed up), and people would pay $2 or more to have their hair cut/styled. For the first while I did it for free- just for the cost of hair gel and supplies. Crazy enough for you? Other '…

When you say hair styling, is it real artistic work or press a button to get effect work? Could someone conceivably hire third world people / turkers en masse to do this at a profit?

Its like customizing an avatar... You (or the customer) picks a style, length and you press a button. Depending on your skill level, it either works or it doesn't and you have to try again- no bad haircuts. No real creativity involved.

I was doing 1 or two a night so I don't think more workers would have helped me.

Re: Gamer sells virtual game property for over half a million dollars

#26

Post by dholowiski »

SkyMarshal wrote: post #14
dholowiski wrote: post #8

Earlier quoted context omitted.

I just remembered- I bought the house to set up a beauty salon. My profession was a hairstylist - one of the more elite profession. I spent well over $100 on a hairstylist chair (I had to watch the auctions for weeks before one even showed up), and people would pay $2 or more to have their hair cut/styled. For the first while I did it for free- just for the cost of hair gel and supplies. Crazy enough for you? Other '…

If hairstylist is considered an elite profession, what are the ones who build the space stations and asteroid bases and whatnot (like what this guy sold for $600,000+)?

Well, players don't build things. It's way more like WoW than second life. The company 'mind ark' or whatever they are calling themselves now, makes things (asteroid, houses etc) and auctions.

Being a 'trader' is an unofficial professeiom. It basically is watching the market and buying low and selling high. This is is essentially what neverdie did wih the asteroid.

Re: Gamer sells virtual game property for over half a million dollars

#27

Post by dholowiski »

vinhboy wrote: post #10
dholowiski wrote: post #8

Earlier quoted context omitted.

I just remembered- I bought the house to set up a beauty salon. My profession was a hairstylist - one of the more elite profession. I spent well over $100 on a hairstylist chair (I had to watch the auctions for weeks before one even showed up), and people would pay $2 or more to have their hair cut/styled. For the first while I did it for free- just for the cost of hair gel and supplies. Crazy enough for you? Other '…

who actually does all the animation and drawing for this game? the players? like how do you do "haircuts"?

The animations are done by the programmers who write the game- it's not like second life. Giving a haircut is basically turning a couple of dials and clicking a button.

Re: Gamer sells virtual game property for over half a million dollars

#28

Post by thorax »

trotsky wrote: post #18

Previous large money transactions in Project Entropia have been shown to be PR manipulations ($100k "sale" from company to employee) or outright fabrications. There are plenty of references to these investigations out there on the net, though don't look to wikipedia, it's heavily astroturfed. Bottom line is the game is a ponzi scheme, using fraudulent high dollar transactions to lure in lower dollar players. Some of…

> no one is paying $500k for a fucking space station made out of pixels and stored on Oracle RAC.

Since you're so well upvoted, I guess a lot of people agree with this, so I want to respond to be sure people aren't dismissing this sort of purchase without being logical about it.

I'm certainly not paying $500,000 for a virtual good like this, but this kind of statement is a bit broad and (I feel) narrow-sighted.

There are currently large online communities paying thousands a month to keep their virtual play worlds alive (e.g. larger gaming communities in Second Life). It's not hard to imagine someone acquiring virtual real estate at very high prices. Certainly I know of many investors doing it to the tune of tens of thousands. Just like landlords, those buyers are regaining their money by renting out portions of it to tenants, virtual good shopkeepers, special in-game events, etc. This is absolutely without question happening right now in many virtual settings and has been for years.

As such, virtual land can be a true investment, regardless of the number of "pixels" it contains. I'm not saying I think it's a good investment, but to dismiss the market entirely as worthless is a narrow-sighted decision without understanding that there are true economic forces at work, and that business-people do their math and seem quite willing to make large payments they expect to recoup (just as with real property).

Further, some could have said the same quote about websites and look foolish today:

> no one is paying $500k for a fucking virtual magazine made out of pixels and stored on a Wordpress server.

> no one is paying $500k for a fucking virtual name stored on a DNS server.

Virtual and digital items are going to be more and more important in our lives. They will continue to be valuable. Bet on it.

Even beyond the business implications, the comment and reaction surprises me. I don't see people reacting with the same shock about buying a $500,000 work of art, memorabilia, or antique. Clearly things can be of exceptional value based on the amount of time involved in creating it, the amount of sentimental value it holds, or the level of beauty/quality it has.

It's entirely fair to think high-priced virtual goods are a bad investment or to be skeptical of their worth, but to be severely dismissive of them is an act of ignorance and not giving them the (small?) respect they deserve simply as an economic factor in our lives and our children's lives.

Re: Gamer sells virtual game property for over half a million dollars

#29

Post by trotsky »

thorax wrote: post #28
trotsky wrote: post #18

Previous large money transactions in Project Entropia have been shown to be PR manipulations ($100k "sale" from company to employee) or outright fabrications. There are plenty of references to these investigations out there on the net, though don't look to wikipedia, it's heavily astroturfed. Bottom line is the game is a ponzi scheme, using fraudulent high dollar transactions to lure in lower dollar players. Some of…

> no one is paying $500k for a fucking space station made out of pixels and stored on Oracle RAC. Since you're so well upvoted, I guess a lot of people agree with this, so I want to respond to be sure people aren't dismissing this sort of purchase without being logical about it. I'm certainly not paying $500,000 for a virtual good like this, but this kind of statement is a bit broad and (I feel) narrow-sighted. There…

I actually agree with almost everything you said. What I said was flip, to be sure, but I didn't intend for it to be forward looking at all. Obviously virtual goods can and do get bought and sold, and I have no problem believing that someday what I said could be precisely wrong in that someone would pay $500k for a fucking virtual space station made out of pixels stored on an Oracle RAC.

I was posting to shine a light on the fact that this company has pulled this kind of thing before, reporting huge dollar transactions that were either provably made up or at least had no way of verifying them. And that the person involved in this report is an employee of the company that sells these virtual goods (but they never, ever mention that). All that info came via researching the claims and not judgements about the value of virtual goods.

I was just trying to give an extra way of evaluating what I was saying. I claimed they're liars, linked to some supporting discussion of that, but it's the Internet - how do you know it's not me that's lying and them that's telling the truth? There a gut check is useful - it's pretty easy to tell that _today_ in 2010 people aren't dropping $500k on virtual real estate in a poorly funded and poorly known (compared to say second life, eve, warcraft, etc) virtual world. At least it's unlikely enough that you should demand a fair amount of proof before you believe it (and you won't be able to find any except for the pr-news-blog circle jerk)

I hope that explains what I meant better. No question that there are many people exchanging real money for virtual property in game type virtual environments.

Re: Gamer sells virtual game property for over half a million dollars

#30

Post by cma »

citricsquid wrote: post #24
trotsky wrote: post #18

Previous large money transactions in Project Entropia have been shown to be PR manipulations ($100k "sale" from company to employee) or outright fabrications. There are plenty of references to these investigations out there on the net, though don't look to wikipedia, it's heavily astroturfed. Bottom line is the game is a ponzi scheme, using fraudulent high dollar transactions to lure in lower dollar players. Some of…

It should be pointed out though that these sort of sales (not at $500k, but "large" $1k+ figures) do happen in some games (EVE) though!

1k+ deals were happening for single building properties more than 10 years ago in the first large-scale MMO, Ultima Online.
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