MMORPG Business (Part 1)
Written by Bobby Jan for Gaebler Ventures
This article shows you how to make money off Massively Multiplayer Online Role-Playing Games (MMORPG). We introduce MMORPGs and why the virtual world can be a profitable market.
Thomas Edison said, "Genius is 1% inspiration and 99% perspiration."
Entrepreneurs must start with a spark of inspiration.
Where can you find good ideas? The answer is everywhere.
Looking at existing good ideas, bad ideas, smart ideas, stupid ideas, conservative ideas, and absurd ideas could all help you get closer to capturing a profitable idea.
Now, let me propose an unconventional idea: making money off Massively Multiplayer Online Role-Playing games (MMORPG).
What is MMORPG?
Massively Multiplayer Online Role-Playing games are a genre of computer games where many players, playing a fictional character, interact and/or play a game in an online, virtual world. Although there are many different types MMORPGs, including World of War Craft and Second Life, they usually share two important characteristics: progression and social interaction within the game. Understanding these characteristics might make you some money.
Progression: In almost all MMORPGs, the development of a player's character is one of the most important elements in the game. Development may include making virtual money, which can be traded for real money, or gaining experiences, which improves the character. Progression is one of the key reasons why some players are addicted to MMORPs and they develop an emotional attachment to their virtual character.
Social Interaction: By definition, MMORPGs allow players to communicate with each other though text, voice, and/or visual aid. A player's ability to cooperation with other players is usually very important in achieving character progression. Players generally operate in teams and division of labor is usually developed as players find their niche.
How could you possibly make real money in a virtual world?
The power of MMORPGs comes from their addictive qualities. In fact, a statistical study have shown that over 8% of male and over 23% of female MMORPG players had an online wedding. Think of it as the virtual cigarette.
MMORPGs usually feature economies that are pretty close to what we have in the real world. Virtual currencies take the place of dollars, characters barter with each other for virtual items, and players drool with envy for the person who has a rare item.
The strong emotional attachment to MMORPGs and the importance of social standing in the virtual world causes many players to pay real dollars for virtual currencies and items. There are, indeed, many ways to profit from MMORPGs.
Cheng Ming (Bobby) Jan is an Economics major at the University of Chicago who has a strong interest in entrepreneurship and investing.
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