Is It Time to Invest in Virtual Real Estate?

The day before yesterday it was Home Alone; today video games reminded me of Snow Crash. Slashdot notes that

The MMORPG Project Entropia has just announced that its first treasure island sale via Auction has gone for a grand total of US$26,500. Project Entropia's unique selling point is the ability to convert real money into ingame cash and vice versa. The owner is Zachurm "Deathifier" Emegen who intends to develop the island into a place for the community.

And for those that want to know what value they missed out on in this auction, Project Entropia has a spec sheet available describing this 6,000 acres of virtual real estate.

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Ted Castronova's your source

For more on the economics of online communities, see Ted Castronova's work-- http://mypage.iu.edu/%7Ecastro/home.html