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During the last few years, so-called virtual worlds have evolved. Second Life is a prominent example -- with a registered user base targeting the 10 million mark. Avatars (virtual personalities) build virtual houses, purchase virtual goods and engage in electronic transactions.

Conducting business in these virtual worlds is only possible by implementing an efficient payment environment, which includes the introduction of a virtual currency and payment mechanisms.
 
Creating a Payment Environment

The concept of a virtual currency has to be created to allow for trading within the virtual world. Second Life has introduced Linden Dollars; Cyworld trades in Acorns; and World of Warcraft users pay for their transaction with virtual gold. In addition, an efficient payment mechanism has to be installed within the virtual world to make transactions possible.

It has to be defined how the virtual currency can be acquired, for instance, by buying the virtual currency with real money or by earning it within the world. Second Life, for instance, installed a currency exchange that is called "LindeX." Users can easily exchange real money into Linden Dollars and vice versa. At the same time, Linden Dollars can be earned within Second Life by selling virtual goods. It is informative to analyze why Second Life has introduced its own currency and free convertibility to real currencies.
Analyzing Virtual Worlds

A virtual world can be described as a computer-based simulated environment that allows its users to live in this world and to interact with each other through avatars. The hype about the virtual world Second Life has quickly eclipsed other virtual worlds. However, online games like "World of Warcraft," relationship platforms such as Cyworld and other platforms like Active Worlds are notable alternatives. Here's a rundown on these three:

"World of Warcraft." The massively multiplayer online role-playing game has become very popular since its launch in November 2004. It counted more than 9 million subscribers in the first half of 2007. It is embedded in the fantasy world of Azeroth. Avatars in different characters compete against each other within this game.
Cyworld. It is an online community that allows users to interact with real-word friends and to form new friendships. Your avatar "Minime" has the chance to join clubs and other special places. Various other features like the "Minihome" (dedicated personal space) and the "Miniroom" (chatroom) enable further interaction. Cyworld was launched in South Korea in 1999 and has currently millions of members across the U.S., China, Japan, Korea and Taiwan.
Active Worlds. It is the pioneer platform that allowed users to build their own virtual worlds and landscapes. It was founded in 1997. In the last quarter of 2007 it has reached over 2 million individual users worldwide. However, the technology of Active Worlds is older than the technology of Second Life and related platforms. Therefore, features like design and interaction are limited.

A Second Life Case Study

The development of a new payment mechanism within virtual worlds is influenced by consumer/business needs and generic factors. As a consequence of this, a new virtual currency and exchange were created within Second Life. The following factors generally play a role:

Illustration: Drivers for creating a new
payment mechanism in virtual worlds
 
(click on image to enlarge)

Second Life's virtual currency can be bought and exchanged from and to many real life currencies. The exchange service is globally available and exchange transfers can be easily affected for instance with a real world credit card or from an Internet wallet account. Once Linden Dollars are purchased, these can be spent within Second Life. By applying a wallet principle, the risk of overspending and monetary implications of fraud activities are greatly reduced.

This solution is cost-efficient for the consumer, as "real world" payment instruments and corresponding costs are also decreased. The consumer feels more closely affiliated with the community as the game character is fostered. Finally, the virtual currency has to be convertible to real world currencies, which allows the consumer to retract the money from the virtual world at any time. In summary, consumers are motivated to use the virtual currency and are retained as active participants.

Sellers profit from this concept and exchange fees are paid to Linden Lab instead of paying additional interchange fees. The payment and exchange mechanism allows sellers and Linden Lab to derive revenue from the virtual economy while minimizing costs. This is an important success factor for a virtual world.
The Generic Factors

For the Second Life payment and exchange mechanism to remain stable, it is important to retain its user audience and the trust of the community in the virtual currency. For some users, it may be money that they never intend to retract from the virtual world. However, Second Life millionaires such as Anshe Chung eventually want to reap their virtual gains in the real world.

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