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Making money from games: the future of virtual economies
Fictional portrayals of virtual worlds such as “Ready Player One” and “The Matrix” typically portray the physical and virtual worlds as distinct realms siloed from each other. Characters escape a dystopian, impoverished physical realm and enter a separate, utopian virtual realm in which they are wealthy and important.
Our non-fictional future won’t have that dichotomy. One main reason is money. Any virtual world has a virtual economy, and when that virtual economy gets really big, it integrates with our real-world economy. That is in equal parts due to market forces and government intervention.
This is part six of a seven-part series about “multiverse” virtual worlds. We will explore the dynamics of games’ virtual economies, the exchange of virtual assets for real money, challenges with money laundering and underage gambling, the compliance infrastructure needed for virtual economies, and the challenges in balancing a virtual economy’s monetary supply.
What separates virtual from “real” is the ability to make money
To many people, the idea of spending time in virtual worlds amassing in-game currency and trading goods still sounds like the geeky science fiction hobby of someone who needs to “get a real job.”
Our society gauges the worthiness of pursuits based on their social and economic productivity, and most people don’t view virtual worlds as productive places. As more people find enjoyment in virtual worlds and respect people with accomplishments in them, however, vying for accomplishment with those worlds will increasingly be viewed as socially productive. As more people start earning an income through work in virtual worlds, perception of economic productivity will quickly change, too.
Virtual worlds will be viewed as digital extensions of “the real world” and working a full-time job in a multiverse virtual world will become as normal as someone working in a social media marketing role today.
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Why social networks want even more gaming
Even if you don’t play games, you have spent years of your life in one or more virtual worlds.
Social media platforms like Facebook, Twitter, Instagram and WeChat are lightweight versions of virtual worlds. They don’t offer terrain for avatars to explore, but they are neighborhoods within cyberspace where we store assets, develop relationships and, in some instances, might even choose to hide behind an alias.
The faces we present on these platforms are different from the ones we show our friends in person. While we usually use real names and photos, our presence on Twitter and Instagram is an avatar of sorts. What we do (and do not) post, how we say what we say, how we portray ourselves through selectively chosen (and often edited) photos — it’s an online persona. The aim — conscious and subconscious — is to build social capital within the particular cultural environment of these virtual spaces.
(This is part two of a seven-part series about virtual worlds.)
The social capital gained or lost within a virtual space can connect directly to social capital in the physical world. The worlds are separate but intertwined; what percent of news stories these days revolve around what someone posted on Twitter or Instagram?
Social media apps have virtual economies the same way as games like Fortnite do, they’re just smaller and involve fewer users thus far. There is constant trading of goods and services that exist only within the virtual world of a social app. For example, individuals and companies spend real money on trading Twitter handles, buying Instagram followers, purchasing special image filters and on Twitch memberships that put a badge next to their name to signify their status as a financial supporter of a specific streamer.
On this point, CCP Games CEO Hilmar Veigar Pétursson told me, “there’s not much reality in reality anymore,” given how much of our daily lives in “the real world” are about creating, consuming and interacting online, noting that many social media influencers earn more money in these virtual worlds than factory workers can make building physical items.
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In another sign of scales majorly falling off of eyes where VR is concerned, games developer CCP Games — which made an big early bet on virtual reality gaming — is pulling the plug on two of its studios that had been working on VR titles. 
CCP Games, the company behind the massively multiplayer online roleplaying game EVE Online, just raised another $30 million from Novator and NEA. But this time, the funding round isn’t about supporting the 12-year-old MMORPG, it’s all about virtual reality games.