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Where Is The Money in Virtual Real Estate?
from:So you are asking where all the money is to be made in virtual real estate? Well the truth is that it is in a virtual online game called Second Life. Now hear me out on this one. Yes it is an online game but you can earn real money. Some of the more plush real estate in the game sells for $550 an acre. This is real money here folks. In case you haven’t heard of Second Life, it is a MMO which in laymen’s term is also known as Massively Multiplayer Online games. They are also sometimes referred to as MMORPG’s which are Massively Multiplayer Online Role Playing Games. Second Life is somewhat similar to the Sims where you can create your own virtual little world and interact with actual players. To get started with Second Life, you download the game and then you just pay $19.95 a month to play.
Players in Second Life buy and sell real estate just as they would in the real world. The neat thing about Second Life is that players can buy and sell using Linden dollars, which is the virtual currency used in the game, or in U.S dollars. There are six virtual islands in the game which are hot commodities among the players since the going rate is $980 and $195 a month to maintain. Now either one person can purchase or sell real estate or a group of investors can do in together as a business.
If you play Second Life you have no doubt heard of Anshe Chung. Her name in the game is Ailin Graef and she has gained national attention by appearing on the cover of Business Week magazine. She has become a real millionaire through her earnings in the game. How? She spent quite a bit of time buying, selling and developing real estate in the game. All of her money is still tied up in the game but if she were to cash it in, she would inherit a lot of money. It is estimated that she makes $150,000 a year in the game. Now that’s what I call virtual real estate.
There are a few ways to acquire land in Second Life. One is to buy land from other residents. The other is the buy land at an auction site like EBay. If you want to purchase a 4,096 square meter home in a part of the game called Darrow Estates it will cost you $20 to set it up and $26 a month after that. So the guy who owns Darrow Estates is bringing in about $390 a month just in monthly fees.
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