Monday, September 24, 2012

Real Money from Virtual Worlds

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Scientific American 302, 68 - 73 (2009) 

This is insane! Think about it: all of those countless hours you spent dropping EntreCards, you could have been doing this and actually have made COLD CASH. We were in the wrong business! Like trying to buy Apple stock today, the time to get into something like this has long passed... so we've gotta be on the lookout for NEW OPPORTUNITIES... if you find any, please let me know!

From this example, what do you learn? You learn that the path to success is often derived by IMPROVISATION. Take a concept and EXPLOIT it! 

The article that appears in Scientific American (January 2010) explains that " farming now draws considerable attention from economists and sociologists as a nexus where rich and poor, real and virtual intersect."  OK... that was in 2010. I wish I had read the article when it was NEW! 

More: Gold farms and paid Twitter followers in virtual economy.  

  • A new type of service industry has emerged to meet the needs of the millions who play online fantasy games such as World of Warcraft.
  • Players called gold farmers amass game “currency” to sell to other players for a fee. In 2009 the global market for gold farming was valued at around $3 billion annually.
  • This controversial practice violates the rules of play but has become a means for hundreds of thousands of developing world players to earn a wage comparable to that of factory workers.
Fast forward to 2012: Jun 15, 2012 – South Korea banned the trade of virtual items.

via WikiPedia ::: Gold farming has been discussed as a tool for socioeconomic development by the World Bank and University of Manchester professorRichard Heeks. The money involved is small enough to flow easily from many first-world players, and large enough to make a difference to the people doing the work. Gold farmers receive a higher percentage of sale revenue from their work than do farmers of fair trade coffee.
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