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LONG BLOG

MMO Bank for Real

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In a world where virtual gaming crimes are starting to carry real world consequences people are starting to understand what serious business online games really are. Serious enough that if you delete someones character or trick them out of their l33t raid gear you could face real life repercussions and even prison sentences. Still these cases can usually be laughed off being the exception and not the norm as far as online worlds go, or so I thought.

Apparently the Swedish Financial Supervisory Authority feels differently as they recently granted MindArk, the makers of Project Entropia and now the brains behind the Entropia Universe MMO status as an official bank.

Entropia has already gained a great deal of attention for being a leader in the craze of real world currency MMO's, another example being Second Life, where players can make and exchange game money (Entropia's PED) for real money at a fixed rate of exchange. With more then 820,000 registered users that works out to millions of transactions every year.

While the lure of being able to make money by playing video games is certainly a draw for some, actually being able to make a profit while having to invest money to level and equip your character takes a level of commitment that rivals that of a real job, with a less consistent payout rate.

On the one hand, since these types of games are dealing with real money, Entropia's bid to be recognized as a legal financial institution is actually pretty noble in a way. Since the virtual bank will now be regulated by “strict European banking regulations” players should be freed of some of their concerns about the safety and legitimacy of their earned money. The deposits they make will now be guaranteed by the national government (of Sweden).

Still the idea of an in-game bank having such an impact on the real world doesn't sit too well with me. The games rate of inflation is at such a ridiculous amount, (Entropia made it into the Guinness World Records Book twice for selling the most expensive virtual world objects ever), that it seems like granting MindArk true banking status only makes it easier for them to rip people off in the long run.

While the game is free to download and start playing, users have said that continual deposits are required to really get anywhere as far as gameplay is concerned. The average cost a few years ago was about $1.50 per hour of gameplay.

Should the government really be giving this much legitimacy to virtual worlds?What do you guys think, is this the next Ponzi scheme waiting to happen? Anyone got Bernie Madoff's phone number?
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About Zodiac Eclipseone of us since 2:52 PM on 10.07.2008

Also known as Zodiac Eclipse on the forums, Joanna is your friendly neighborhood MOMerator and former co-forum admin. Having done a fair share of community badassery Joanna now enjoys actually having time to play games and interact with her family, henceforth referred to as 'Husband' and 'Kiddo', respectively.





Proper Dtoid Name: Zodiac Eclipse

Occupation: MOMerator


Thanks for the title shot ZP

Destructoid had forums.



Promoted Blogs:

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Promoted Musings:

Expanded Universes: The rise and fail of fan fiction

Those about to die: Woodland Creatures

Untapped potential: The fight for Fallujah

Love/Hate: Casual Gaming


Quick facts:

*I have a degree in journalism advertising that I've never used.

*I work in a laboratory with people who do science. I mostly get in the way and keep up moral with my "unique" people skills.

*I met my husband on Star Wars Galaxies.

*I love RPG's, both Massively Multi-player and standard offline ones.

*I'm fascinated by survival horror games, but usually too chicken to play them.

*I dabble in all forms of nerdery so chances are if you're into something geeky so am I, though not to equal degrees.

*I used to make toys.





Currently Playing:
(so much) Ark Survival Evolved




Favorite Games:
Mass Effect 1 & 2 & 3, Portal, Final Fantasy VIII, The Witcher, Azure Dreams, Sims 1 & 2, Lego Star Wars, and other stuff I can't think of right now.




MMO's I've played:
SWG, Vanguard, Ryzom, EQ2, CoH/CoV, Guild Wars, LOTRO, Star Wars TOR, Conan, and millions (literally) of the freebie ones.




Community Awesomeness:

I've been interviewed by LawofThermalDynamics.

The wildly talented AlphaDeus made me a theme song. Momeration

I'm an element on the Destructoid periodic table. Thanks Corduroy Turtle


I got a card!


Thanks Qalamari


Steam ID:Zodiac_Eclipse


 

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