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Project Entropia: $135,000 in Virtual Property Sales
Dana
Member Posts: 2,415
Project Entropia today announced that they had generated over $135,000 in online virtual property sales. Here is the press release from MindArk:
Project Entropia Generates Over $135,000 From Online Virtual Property Sales Only Two Weeks Into the "Home for Everyone" Campaign, Over 7.7 Million Square Feet of Apartments Have Been Sold to Project Entropia Members |
GOTHENBURG, SWEDEN -- Project Entropia, a rapidly growing virtual world utilizing a real cash economy, today announces the enormous success of the 7.2 version update and the "Home for Everyone" campaign as thousands flock to buy virtual property. On March 23, 2005, the launch of the 7.2 upgrade took effect including the auction of some 3,000 apartments in the Project Entropia universe, and within a few hours a third of the property was sold to interested buyers. Currently, the total revenue from the virtual property sales topples over $135,000 and growing.
Project Entropia created the campaign as the demand for apartments and other housing complexes have drastically gone up since the sale of the virtual "Treasure Island" for $26,500 last December 2004. Project Entropia has also decided to keep the prices of the apartments low and at a fixed rate ($25.00-$45.00) in order to accommodate more members. The strategy of cheaper housing options will ensure a healthy secondary market for apartments within Project Entropia with possible large profit margins for early apartment investors. Several members have already utilized their entrepreneurial skills and become estate brokers, seeking out attractive apartments, with nice views and well-respected neighbors, and brokered these to other participants. The new apartment plan also allows players to delve into a whole new virtual experience as they begin to furnish their new homes, and entertain guests in a virtual location.
"The possibility to own an apartment will strengthen our rapidly expanding community by introducing a price worthy alternative to houses and larger structures available for purchase within Project Entropia," says Marco Behrmann, Director of Concept Development. "We developed the concept to provide our members with a secure place to call home."
Project Entropia is part of the next generation of gaming known as MMORPG (massive multi-player online role playing gaming) which seem to resemble more of a virtual world and society rather than a typical online video game. This new wave of interactive entertainment allows players to interact in a world of three-dimensional virtual environments.
However unlike many other MMORPG's, Project Entropia actively supports sales of virtual products with actual cash value within its real economy system. The economy offers the user a secure and safe way to make purchases, sales and exchange real life currency into PED (Project Entropia Dollars) and back again into real money. PED allows members to invest in personal development and growth through the acquisition of goods, buildings, and land in the Entropia universe.
The heart of Project Entropia lies in a distant planet named Calypso, which includes two continents with large expanding cities that offer a variety of entertainment and social interaction for the citizens. Members of Entropia can create their own persona (avatar), via a character generation system, allowing them to choose a suitable life and virtual existence. Characters enter the evolving world full of unexplored and uncultivated lands where they can join a community or even create a civilization of their own. Project Entropia offers a new way for individuals to pursue dreams and fantasies through an adventurous virtual experience.
Project Entropia is more than a traditional MMORPG, it is a true virtual universe with over 238 000 registered accounts. The Project Entropia software is available to users free of charge with no monthly costs or associated subscription fees. Project Entropia actively supports sales of virtual products with actual cash value within its real economy system. The economy offers the user a secure and safe way to make purchases, sales and exchange real life currency into PED (Project Entropia Dollars) and back again into real money. The fixed exchange rate is 1 US Dollar equals 10 PED. PED allows members to invest in personal development and growth through the acquisition of goods, buildings, and land in the Entropia universe.
MindArk PE AB is the developer of the free three-dimensional online virtual universe Project Entropia, the only virtual universe using a true real cash economy system.
Related URL's
https://www.project-entropia.com
Dana Massey
Formerly of MMORPG.com
Currently Lead Designer for Bit Trap Studios
Comments
Well doesnt this make a convenient next discussion about virtual property.
Last week we have the guy getting stabbed over a sword and lots of the discussion ranged around just how you validate virtual property. Also many people worried about what the legal ramifications of MMORPG's closing down and depriving people of virtual property they had aquired.
So if you had invested a significant sum in PE in the form of items or virtual real estate where would you stand exactly if the game closed down ?
I wonder if there is some sort of "title" that has any time limit on it ? I mean if you paid thousands of dollars for a peice of virtual PE dirt (and some individuals have), when do you decide "o well it was just a game I dont mind losing it". Do you still expect to own this property in 10 years time ?
Its all extremely interesting and its certainly the start of something big in terms of new legal ground being ripe for the walking.
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"Far away across the field, the tolling of the iron bell, calls the faithful to their knees. To hear the softly spoken magic spell" Pink Floyd-Dark Side of the Moon
Well, I guess you could stretch this into a sort of investment. Take for instance the estate brokers... They land, and then turn and sell it for a higher price. Sure, its a risky investment, but so is investing in GM stocks these days. (I read i think last week that GM stocks and bonds might sink to the "junk bond" category, ouch)
I'm just waiting for someone to amass a small fortune of money.... then exchanging it into cash... lol.. could put the company outta business, now wouldn't that piss of some people?
About the legal matters... Most companies put in their EULA's that all in game items/cash/whatever is the property of the company, so if a dispute was brought up between two customers, they would probably get laughed outta court.
Very intersting, and more so with the fact that other companies are taking notice of this!
One player's great game is another players derisive snort!
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who's playing this game?
back in the summer of '02 or '03 during its beta, i had lost my pw and sent an email to them about it....couple hours later i'm at a party and i get weird call my cell, i was like who is this and where the fuck are yall calling from(strange area code)....it was some chick in sweden giving me my pw...anyways i thot that was pretty cool, at the time i couldnt handle the graphics so i didnt play
i just dont wanna get involved in this game if its going to die.
lost money can be earned again, its time that i'm worried about=) i might give it a whirl
i heard this in some movie, wesley snipes said it...."everything lost can be found, cept for time."