Virtual Worlds Are Now Delivering Opportunities

November 02, 2009 - Andrew Brown

Curt Cherewayko over at Business in Vancouver recently wrote a great article on how virtual worlds and digital goods are now delivering genuine business opportunities.

Here is an excerpt from his article:

As video games, social networks and virtual worlds increasingly star as stand-ins for reality, development shops are exploring new ways to monetize fantasy by creating virtual marketplaces replete with digitized goods and services.

Fuelled by micro-transactions in which users buy virtual goods and services for as little as pennies, virtual marketplaces are not only driving user engagement for technology companies, but also adding new revenue streams.

During a recent panel discussion at the Mobile Monday Vancouver event, where local Internet entrepreneurs gather monthly, roughly 90 attendees heard how B.C. companies are monetizing virtual goods.

“I can tell you that, from working with our clients, every single one of them is strongly considering micro-transactions, have micro-transactional products in development or already have micro-transactional products and virtual goods on the market,” said Jordan Willms, senior strategist with Vancouver’s Work at Play Ltd., which builds interactive social-networking applications for companies like Mattel Inc., Viacom Inc. and Rocky Mountain Bicycles.

Read the whole article on Business In Vancouver.