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The release of Blizzard Entertainment's World of Warcraft in 2004 and its subsequent huge success across the globe has forced both MMORPGs and their secondary markets into mainstream consciousness, and many new market places have opened up during this time.
A search for Wo W Gold on Google will show a multitude of sites (more than 90 sponsored results as of June 2006) from which Gold can be purchased.
Dugger represents a group of gamers that are not in the market for a real house but instead to own a small piece of the vast computer database that was Ultima Online, the mythical world in which the venerable MMO Ultima Online unfolds.
Such trading of real money for virtual goods simply represents the development of virtual economies where people come together where the real and the synthetic worlds are meeting within an economic sphere.
Virtual economies are observed in MUDs and massively multi player online role-playing games (MMORPGs).
Virtual property is a label that can refer to any resource that is controlled by the powers-that-be, including virtual objects, avatars, or user accounts.Also hampering the turnover growth are the extreme price drops that has followed the increased competition from businesses in mainland China targeting the global secondary market.Furthermore, the global decline in consumption that followed the financial crisis of 2007–2008 would have affected the secondary market negatively as well.The existence of these conditions create an economic system with properties similar to those seen in contemporary economies.Therefore, economic theory can often be used to study these virtual worlds.Although virtual markets may represent a growth area, it is unclear to what extent they can scale to supporting large numbers of businesses, due to the inherent substitutability of goods on these markets plus the lack of factors such as location to dispense demand.In spite of numerous famed examples of the economic growth of Second Life an amateur analyst in 2008 estimated the income inequity in Second Life's economy as worse than has ever been recorded in any real economy: a Gini coefficient of 90.2, a Hoover index of 77.8, and a Theil index of 91%.IGE had a trained staff that would handle financial issues, customer inquiries and technical support to ensure that gamers are satisfied with each real money purchase.It also took advantage of the global reach of synthetic worlds by setting up a shop in Hong Kong where a small army of technically savvy but low wage workers could field orders, load up avatars, retrieve store goods and deliver them wherever necessary.Hundreds of companies are enormously successful in this new found market, with some virtual items being sold for hundreds or even thousands of dollars.Some of these companies sell multiple virtual goods for multiple games, and others sell services for single games.