Virtual currency

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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.[1] 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 Import Export Exchange Rates or 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.



Business

Virtual goods have been in popular demand, driving revenue in Asia and Europe for years. In the past, the United States had only devout gamers spending money on virtual goods; driven by the popularity of widely appealing games for social networks such as Facebook and MySpace, this is rapidly changing with systems like Ven in the financial Export marketing or markets. Zynga reported that direct purchases of virtual currency and goods accounted for most of its more than $100 million in revenue for 2009.



References:

1.http://en.wikipedia.org/wiki/Virtual_currency


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