Topic: wow, what a waste of money... (Read 3621 times)

Sirgod · « **on:** November 12, 2005, 04:26:23 am »

http://news.yahoo.com/s/cmp/20051110/tc_cmp/173601281

Man Spends $100,000 On Virtual Space Station In Online Game

Peter SvenssonWed Nov 9, 8:41 PM ET

NEW YORK (AP) -- In one of the largest sales yet of property in an online game, a Miami resident has bought a virtual space station for $100,000 and wants to turn it into a cross between Jurassic Park and a disco.

Jon Jacobs, a director of independent films, plans to call the space resort, in the science-fiction themed game Project Entropia, "Club Neverdie." Like other land areas in the game that has been visited by 300,000 players, the resort grounds will spawn dinosaur-like monsters, which visitors can kill.

Jacobs will take a cut of the virtual resources that the carcasses yield, like hides.

Jacobs, 39, plans to hire famous disc jockeys to entertain visitors once a week or so at the resort but still reckons on netting $20,000 a month from the hunting tax and other income. "I want to operate this thing at the level of a major nightclub in a major city," Jacobs said.

Jacobs bought the property late last month from MindArk PE AB, Project Entropia's Swedish developer. The game, which has no subscription fee, has its own currency but it's convertible at a fixed rate to dollars.

About a quarter of the purchase money came from Jacobs' in-game earnings.

Over three years playing Project Entropia, Jacobs accumulated items that later became worth thousands of dollars, like first-aid kits and powerful weapons.

He sold those items last year to buy an island in Project Entropia, but was outbid - it sold for $26,500, the previous record sale in that world.

He refinanced his house shortly after and considered investing some of the cash in the hot Miami real-estate market, but he realized that if he bought a rental property, it really wouldn't generate any income beyond what he'd pay for the mortgage and repairs.

So he invested the proceeds in the game.

IGE, a leading broker of game property, said it has handled deals worth more than $100,000, but would not provide details because of client confidentiality.

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Stephen

Dracho · « **Reply #1 on:** November 12, 2005, 06:27:36 pm »

~~I'd be selling some virtual billboards to get that money back.~~ Mrs. Dracho would kill me.

Green · « **Reply #2 on:** November 18, 2005, 07:11:41 pm »

Quote from: Stephen NCC -73070 on November 12, 2005, 04:26:23 am

Jacobs, 39, plans to hire famous disc jockeys to entertain visitors once a week or so at the resort but still reckons on netting $20,000 a month from the hunting tax and other income.

So there is no subscription fee ... but people still pay real money? Noted the comment that "in-game" money has a conversion factor to become real money. As dumb as the whole thing sounds, who knows, maybe he will recoup and actually come out ahead in real dollars.

762_XC · « **Reply #3 on:** November 19, 2005, 09:16:03 am »

Unless a better game comes out, everybody leaves, and the market crashes.

Jack Morris · « **Reply #4 on:** November 20, 2005, 08:29:29 pm »

Wow, some people in this world...

Commander La'ra · « **Reply #5 on:** November 21, 2005, 08:49:23 pm »

Sad, or a sign of things to come? The Internet has limitless 'property'. Will it become a new form of 'real estate' investment to acquire popular virtual properties that can then be, somehow, used to generate cash flow? It's happening with some online games now, but will the phenomenon spread?

Jack Morris · « **Reply #6 on:** November 22, 2005, 05:11:05 am »

Yup, I'm drooiling to buy some "virtual" real estate and cash in on the likes of the other dumbarses that want to buy it and live there!

Commander La'ra · « **Reply #7 on:** November 22, 2005, 01:32:21 pm »

Seriously, Jack, I think this kind of thing could become more common.

Riskyllama · « **Reply #8 on:** November 22, 2005, 04:32:29 pm »

Well I've got a virtual sandbox on a virtual beach to sell ya...

Lono · « **Reply #9 on:** December 01, 2005, 03:55:41 pm »

Hmm - I'm surprised to see so much closed minded-ness amongst us Star Trek lovin' nerds here!

I think it seems kinda stoopid (dinosaurs on a space station!??) but as far as virtual property goes I'm all for it.

Half the time I enjoy my online game wordls significantly more than my real life responsibilities anyways...

Heck I'll probably even become a devoted MMO player when I finally retire..

Dash Jones · « **Reply #10 on:** December 04, 2005, 02:30:34 pm »

There won't be anymore MMO's when you retire...it's going to be all holodeck by that point...hadn't you gotten the IM?

SkyFlyer · « **Reply #11 on:** December 14, 2005, 01:06:55 am »

Quote

but still reckons on netting $20,000 a month from the hunting tax and other income.

Well in five months he will have it paid off.

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