May 30, 2005
Make Six Figures Selling Virtual Goods?
The New York Times has an article about people making money selling goods and services playing online multi-player games. One guy makes $1800 a month after taxes playing only 4 hours day renting out real estate in the game, Second Life. Another person made $100,000 in the same game speculating on real estate. Users are willing to pay those real estate rents because online jewelry stores in the game sell clothes and items that players buy using real money. One gamer said she buys $10-15 of virtual clothing each month.An online research firm estimates that 10 million gamers play the 350 or so multi-player online world games today. Those gamers spend a ball park $880 million a year buying virtual goods and service, not counting the monthly subscription fee you need to play the game. Be careful though, if a game loses traction as Ultima Online and Everquest did to World of Warcraft, the economies of those declining games get shattered, so please don't buy in at the top. Real estate bubbles, whether in real life or online are as deadly financially as Ponzi schemes. No doubt.
