How is value realised in the game?
One of the things that’s been underscored is the degree to which we value
objects to the extent of seeing the amount of creative energies that have
gone into them. A Mercedes is valued because of intangibles, not the number
of screws and the technology used to put it together. It’s its service
record. If things have that associated with them, they are real. They don’t
need to be physically tangible to be real.
Scarcity is another way of creating value, but brand, lifestyle and meaning
are important as well. Clothing from [in-game clothing designer] Nephilaine
Protagonist is highly valued because it’s her stuff. I talked with a head
guy at Vercace who said to me, "I sell jeans for $5,000. There’s no reason
for that, but people will pay that much for the pleasure of wearing the
brand."
Should virtual property be treated as real? It’s moot; what’s happened in
common law is that it’s been determined to be real. Case closed.