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A Look at the Virtual Economy

Posted May 19, 2009 by Keith Cross

A Look at the Virtual Economy

The folks at CNN Technology took a look today at virtual currencies and their uses in social networks and online games.

As our identities migrate further onto the Internet, currencies that exist only online are becoming a more significant part of commerce on the Web and in the real world. Some, like the hi5 Coin, operate almost like tokens in an arcade or tickets at a fair: They're a stand-in for real-world currency.

Other "virtual currencies," like Second Life's Linden Dollars, however, are traded on markets. The currencies also fuel online gaming communities and are becoming an important part of social networks.

Several online currencies are competing to be the economic engines for MySpace and Facebook, which don't have their own unified currencies. Other social networking sites, like hi5 and myYearbook, have created their own units of money for their users to spend.

Read more here.