The Growing Economy of In-Game Currencies and Virtual Items

The Growing Economy of In-Game Currencies and Virtual Items

In many video games that are currently being developed, there are in-game items and currencies that players can obtain through their play. These currencies help buy ‘special’ items, weapons, character customisation, etc. This has fostered the growth of an economy revolving around virtual items that are familiar to most players.

Most games today, including Fortnite, Roblox, and Clash of Clans, feature currencies and items players desire. Whether it is V-bucks to buy skins and dances in Fortnite or gold in World of Warcraft to gain better equipment - players spend hours amassing in-game currency.

The rarest valuable items that can be purchased and bought within the game are symbols of status and later help in selling game items. Gaining an ultra-rare skin or special vehicle may take tens or hundreds of hours of gameplay. However, some players decided to go through a different process, a much shorter one.

Selling In-Game Items: A Multi-Million Dollar Business

This leads us to the issue of the black market associated with selling game items. That is why, as players search for ways to get them faster, they go for sellers selling game items. These sellers use bots for farming or hiring low-wage workers and then resell the items to buyers globally through marketplaces.

Even though selling game items is prohibited by the terms of service of most games, it has become a multi-million-dollar business. There is always a thriving player-to-player market for the items in games, which include everything from the powerful weapons in RPGs to the decorative furniture in games. Specifically, the rarity of the cards, their artistic appeal and the functional value of the cards in the game.

Controversies Around In-Game Marketplace

This is quite evident from the high levels of trade in in-game items, which suggests players’ belief in their utility. Still, some players are not satisfied with such odds systems and the usage of what seems to be a gambling approach towards acquiring special items. Another problem is blending adult and underage players, which triggers ethical questions concerning marketing strategies.

Should developers openly embrace such secondary trading as a business opportunity, though?

In either case, the buying and selling game items remains a relatively ambiguous legal territory. Virtual goods provide social recognition and respect, which remain problematic regarding ownership. This complicated issue remains in ongoing legal cases as players dedicate substantial money and time to such stakes.

To this end, one cannot doubt that in-game items satisfy social and esteem needs like tangible luxury items. However, in the current generation, their monetary value outside closed game systems continues to be debated. One thing is clear, though – virtual assets are popular among millions and drive engagement through game items across hit games.