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Saturday, May 4, 2013

The Virtual Entrepreneur: Making Money in Online Games

Business in nowadays does not cover only the existing world that creatures have been living for more than a million years, but also the world that has been made recently by computer, the virtual world. One of the first game pioneers offering a model including trade for real currency was Project Entropia. Designed by Swedish Studio, MindArk. Entropia had no monthly fee and instead offered a micro-payment model.
Players could purchase and change out game currency for real money via bank payments or through ATM’s. Entropia was also one of the first games where players could own virtual property and land. Players could gain property by participating in events such as land rushes, or purchase them from other players or MindArk. Some of the largest transactions in gaming history originated in Entropia also, including a virtual space station which sold for $330,000 and a resort for $635,000.
The players owning these properties made hefty profits. Some chose to resell the land, others to take smaller dividends over time. While these large successes are not the norm, some gamers have managed to create their main source of income through their passion for online worlds.
Many gamers lack the capital for the large initial investment needed to buy such valuable properties. There are other titles which offer chances to make money online, such as Blizzard/Activision’s Diablo III. Diablo III employs two different auction houses, one for game gold and another with real currency based on the player’s country.
This enables players to sell items and crafting materials gained through play to other individuals, choosing whether they want real money or in-game currency. For instance, a player who found a high level weapon item might sell it for $20. Players can also sell their virtual gold through the auction house. The very best items can be sold for a maximum of$250. If the player opts for real money, the proceeds are credited to their account and may be redeemed either for credit at the Blizzard Store or withdrawn through PayPal for a small fee.
More and more games allow players the chance to turn their virtual cash into hard money. Players pursuing these opportunities should always be careful to make sure the developer has a good reputation and will not only protect their assets, but also keep their private information safe. Before investing money, players should watch for trends in sales and do research both online and by talking with other successful entrepreneurs.
Keeping a journal of transactions will also provide invaluable information on which methods have lent success and which are less favorable. Finally, players should set realistic, attainable goals for their online trading and remember the reason they started playing online games in the first place: fun.
Author Bio:
Being a contributor at a game fansite elderscrollsonlineclasses.org, the author is keeping his eyes on business committing in the virtual world closely. He was once making a large amount of income from currency market.

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