Virtual world money:
Virtual world commerce needs micropayments
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Virtual world commerce needs micropayments
Commerce in virtual worlds depends on selling things at low cost. We can do that because replacement cost is zero and selling costs are very small. But low cost means that we need a way to pay in micro-payments. Here I give some background, cite various systems for micro-payments, and give superficial consideration to their prospects.
- Virtual world goods will only sell at prices considered small by the customer.
- Inworld currencies can use denominations that accommodate that need.
- Content creators want to convert inworld earnings to outworld money.
- OpenSim has many grids. Single grid currency is not satisfactory.
- How can we have a multi-grid currency that converts to outworld money?
- And also accommodates micro payments.
- (More after the break, scroll down!)
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