A brief history of virtual economy

Nazir, Mohamed, and Lui, Carrie Siu Man (2016) A brief history of virtual economy. Journal of Virtual Worlds Research, 9 (1). pp. 1-26.

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Abstract

The virtual world economy is a multibillion-dollar industry. There is significant evidence for the growth of virtual economies within a variety of virtual worlds. There is an increasing demand from users to buy, sell, and invest in virtual items and services, including virtual properties. However, there is also evidence suggesting that many companies struggle to succeed in the virtual economy platform. In order to facilitate and drive success in virtual business strategies, it is necessary to have a framework for classifying elements of virtual economies. This paper proposes a classification framework of virtual economy elements based upon the characteristics of products and services, the transaction and marketplace, as well as the currency and exchange systems present in these economic environments. In addition, this research highlights the opportunities and challenges presented to both users and companies within the virtual economy platform.

Item ID: 44215
Item Type: Article (Research - C1)
ISSN: 1941-8477
Keywords: virtual world; virtual economy; virtual goods; virtual property; Second Life; Entropia Universe world of Warcraft
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JVWR is freely available to individuals and institutions. Copies of this journal or articles in this journal may be distributed for research or educational purposes only free of charge and without permission. However, the JVWR does not grant permission for use of any content in advertisements or advertising supplements or in any manner that would imply an endorsement of any product or service. All uses beyond research or educational purposes require the written permission of the JVWR. Authors who publish in the Journal of Virtual Worlds Research will release their articles under the Creative Commons Attribution No Derivative Works 3.0 United States (cc-by-nd) license.

Date Deposited: 01 Jun 2016 23:01
FoR Codes: 08 INFORMATION AND COMPUTING SCIENCES > 0806 Information Systems > 080602 Computer-Human Interaction @ 100%
SEO Codes: 89 INFORMATION AND COMMUNICATION SERVICES > 8999 Other Information and Communication Services > 899999 Information and Communication Services not elsewhere classified @ 100%
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