Video Games, Advice, Switched Video, CES 2009
Real-World Financial Tips From Virtual World Investing Pros
With Wall Street in disgrace and the economy in a nosedive, where should the country turn for financial advice? Would you ever think gamers? Since 2003, players on the massively multiplayer online role playing game (MMORPG) Entropia has been steadily building an economy that now boasts a daily turnover of $1.25 million per day. Entropia sports a real cash economy model of play where monetary units in the game (PEDs) have a fixed 10:1 exchange rate with the US Dollar and players use this currency to purchase anything from weapons and other items to pieces of virtual real estate. In fact, Club NEVERDIE, an asteroid space resort in the game, set a world record as the "Most Expensive Virtual Object" when it was purchased for $100,000 USD in 2007, an investment with an estimated value over $1 million USDs today. The game is free to join but like the real world, it often takes money to make money and many players treat gaming in Entropia like a job.
We had a chance to speak with some of those who have had tremendous success in the game (one player put his brother through college using his earnings) and they had a few words of advice for fallen Wall Street investors, who may have overlooked one of the core tenets of investing:
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The struggling economy is making life difficult for many Americans, and now a lack of updated technology is making it worse for the jobless. How's that, you ask? Because the soaring amount of unemployment claims across the country has crashed e-mail sites and turned phone lines into virtual traffic jams, making it harder for people to get aid.
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