Justin Reed, a Texan, told KXAN News in Austin that he invested $18,000 — his life savings — in a virtual “land” called the Horum Coast. The country takes place in a video game called Entropia Universe.
I know it sounds like a lot and it’s crazy to tell people that I know I’m a virtual landowner and I’ve put my life savings into it. But I believe in Entropy,” said Reed, who goes by the online pseudonym “David Joker.
Reed said he has been playing MMORPGs for 20 years and has made money from it before. Now, in the coming expansion of the immersive, large, tech-driven metaverse, he’s hoping for results in the digital world.
Boardwalk Bucks
Entropia uses a micropayment model where players can earn real-world money through in-game transactions, mostly using virtual property.
It’s kind of a complicated version of the monopoly, except that those colored bills have a fixed exchange rate against the US dollars. Treasure the catwalk money – after purchasing the catwalk with IRL money, of course – and you can exchange that digital income for a real check.
In Reed’s case, he says he gets tax revenue on everything a player finds when he mines his land. He also claims that he has already made $1,200 since he bought the Khorum coast in March, comparing the risk of the investment with starting a real business.
Gambling
Honestly, Reed did the research and his views are almost inspirational. But at the end of the day, researched bets are still bets.
If you’re adventurous and want to play, that’s basically what happens in this digital world, Paul Toprac, associate director of the Game Development and Design Program at the University of Texas at Austin, told KXAN. “It’s a great place to play.”
Heck, in an economy where almost no one can afford real land, this might be the closest we can get.
