Economies are prevalent in every system of the world, whether tribal societies or modern urban societies. Each society has an economy and hence the creators of society and economies also decided to add economies in the virtual worlds of games that it has created. Virtual economies are found in every Massively Multiplayer Online Games and are important parts of all these games. An in detail guide and understanding of Virtual Economies is given below:
Virtual Economies are in game online economies created by the game developers who have developed a particular game and controlled and operated by those gamers who play the game. Virtual Economies are an essential part of every Massively Multiplayer Online Game as the money made or acquired by completing tasks or dealing with other games from these economies often help the gamers and their characters grow and advance in the virtual world of the game. The Virtual Economies are much like the real economic system of the world where the gamers deal with each other to keep the economy in balance and keep it in survival. These economies often deal with the objects and the in game currency, but in games that are being developed nowadays the gamers can choose to buy certain objects to help them advance in the game at a faster pace. These transactions hence are made with real currency with either the game developer or another gamer.
The Virtual Economies are often criticized on the ground that these economies are somewhat beneficiary to the gamers, but can be a hindrance or a pest in the real economy of the world if these games keep growing at the fast pace that they have grown in since its proper inception in 1992.
Many gamers also enter these Massively Multiplayer Online Games or subscribe to it with the sole purpose of making a decent amount of money from these virtual economies by trading their belongings or other objects for real currency or money outside the game.
There have been controversies related to Virtual Economies and markets. The most recent ones have been accusations of black market existence. Just like the real economy and the real world, the Virtual Economies and the virtual gaming world too have black markets where the gamers get deals they would otherwise not get in the virtual gaming world. Most people enter Virtual Economies for the recreation or the joy that they gain from participating in these games and being a part of the Virtual Economies that these games have created. There are some though who enter these Virtual Economies to gain from these economies and gamers in monetary terms. These gamers or intruders have created a separate market for the Virtual Economies called Black Markets.
Black Markets come into existence when the gamer trades in game goods in the real world for real money to improve his status in the gaming world, hence creating supply and demand. Many Massively Multiplayer Online Games like RuneScape, World of Warcraft and Guild Wars have dedicated separate sections of their companies and games to eradicate the threat of Black Markets from their games.