MindArk recently sent us a press release updating us on the status of their MMORPG with a "real cash" economy.  Here is some of what they had to say:

Project Entropia has evolved significantly the last 18 months since launch. The latest free update (VU 6.0) included a new graphics engine and during the fall a unique land grab event will take place on the new continent, meaning every participant in Project Entropia will fight for their own land, like the settlers did in the US in the 1800's. Also a very exciting auction is going on, featuring a fully equipped Treasure Island! This land area is some 6000 acres and gives the owner rights to estate sales, land management (including taxation of people who persue activities), and special areas not available to others. Some key figures from the Project Entropia economy: Total economy turnover since January 2004: $40,700,000 US The value of virtual house sales since November 2003: $70,000 US The total number of auctions of virtual items since October 2003 : 175,295 Quick facts about Project Entropia Project Entropia is a virtual universe online with a real cash economy that is free to download on the web and is without any subscription fees. Launched in January 2003, Project Entropia have reached over 150,000 registered accounts, mainly by positive word of mouth. Project Entropia has been featured on TV several times (including News broadcasts and on the G4 network), as well is in media like USA Today, CNN Business, and Wired. The unique real cash economy means that every item has a set value in Project Entropia Dollars (or PED) that has a fixed exchange rate to the US$ and 1 US$ equals 10 PED. To acquire PED a participant needs to transfer real life fund onto his virtual avatar, which is used to purchase virtual items. The funds acquired while partaking in Project Entropia can be also exchanged back into real life funds, meaning that a participant can actually make real money by playing an online game!

For more information about Project Entropia feel free to hit their site at this link.