Virtual currency (or in-game currency depending on environment) is used to purchase virtual goods within a variety of online communities; which include social networking websites, virtual worlds and online gaming sites. A key revenue driver within social media, virtual currencies are specific within each game and are used to purchase in-game goods. Characters or avatars in virtual worlds own things within the context of the virtual world and users will collect each games' virtual currency to purchase land, supplies and various items used to enhance their status and add points. Some virtual currencies are time-based, relying upon measurement of in-game achievements in order to accrue exchangeable points.
The word virtual currency or cyber currency is also often used, in a more broad sense, to indicate electronic money, that is not contractually backed by tangible assets nor by legal tender laws, and which is not a tangible commodity itself. Examples are peer-to-peer crypto-currencies like bitcoin and the above mentioned in-game currencies that are backed by virtual goods.
... Players of some massively multiplayer online games (MMOGs) spend real money on virtual currency to purchase swords, houses and magic wands for their in-game avatars ... Virtual currency systems such as Hub Culture's Ven are used beyond gaming to enable trade and purchase of real world items, inventory and knowledge ... Ven is the first virtual currency to have been used in commodity and carbon credit trades ...
... See also Virtual economy Many online games (MMORPGs) provide a type of virtual currency that can only be earned within the game and/or be purchased ... Typically this currency cannot be exchanged for real legal tender after it has been acquired, but there are exceptions ... options, which can be traded among the gaming community and used as currency or traded back for real money ...
Famous quotes containing the words currency and/or virtual:
“There is no legislationI care not what it istariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.”
—William Howard Taft (18571930)
“Neither dead nor alive, the hostage is suspended by an incalculable outcome. It is not his destiny that awaits for him, nor his own death, but anonymous chance, which can only seem to him something absolutely arbitrary.... He is in a state of radical emergency, of virtual extermination.”
—Jean Baudrillard (b. 1929)