Posted on May 10, 2007, Andrew Virtual Game Economies Are Bigger than You Think
It all started with Everquest. Well, at least that’s how Edward Castranova got the idea that there is more going on with the world than just a kid getting 1,000 gold pieces for fifty bucks on a game like World of Warcraft.
There’s a pretty comprehensive feature on virtual economies being run over on The Walrus, no apparent relation to John Lennon. Economist Edward Castranova is featured in the article, and those who don’t know who he is should check out exactly how huge gold trading is in comparison with the outside world.
At the beginning, when Castranova started his work, the article states “he was stunned to discover that the EverQuest platinum piece was worth about one cent USÃ¢$”higher than the Japanese yen or the Italian lira.”
Things definitely get interesting when the virtual world has more economic sway than some parts of the real one.