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Virtual economy

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Definition Edit

A virtual economy (or sometimes synthetic economy) is

comprised by the economic activities among a community of entities that interact within a virtual setting, such as an online, multi-user game. Virtual economies can be closed, meaning the economic activities and units of exchange used within the community do not interact with the real economy outside of the virtual environment setting, or they can be open, with some economic activity occurring in both the virtual setting and the real economy.[1]

Overview Edit

A virtual economy is an emergent economy existing in a virtual persistent world, usually exchanging virtual goods, often in the context of an Internet game. People enter these virtual economies for recreation and entertainment rather than necessity, which means that virtual economies lack the aspects of a real economy that are not considered to be "fun" (for instance, players in a virtual economy often do not need to buy food in order to survive, and usually do not have any biological needs at all). However, some people do interact with virtual economies for "real" economic benefit.

References Edit

  1. Virtual Economies and Currencies: Additional IRS Guidance Could Reduce Tax Compliance Risks, at 3.

See also Edit

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