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Victor Leigh

Making real money out of play money

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Play money, in a forum, would be virtual currency. Real money, of course, is hard cash.

 

I have seen some forums which have a thriving economy based on virtual currency. Members earn virtual currency by making posts and referring members. Then they can use this virtual currency to buy services from other members. The forum itself, sometimes, also offer real money lottery prizes where the members can buy lottery tickets with virtual currency.

 

What do you think?

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I started to implement this some time back, but it was a heavy mod. I wasn't sure I wanted to start that here as it almost makes the forum seem less mature. Am I the only one that thinks that?

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This is a subjective matter. Is playing the lottery simply a childish diversion? So how many kids buy the lottery tickets in real life? How many kids are there playing the tables in the casinos? If calling it a lottery seems childish, how about calling it "Random Selection of Winners" or RanSeoW?

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Once you have a virtual currency running, you will have options to create a virtual economy. Things like banner ads are natural products for virtual currency. Depending on the demand, you can sell, say, banner ads, at a fixed price or through an auction. Of course, when the site is popular, an auction will get you a lot more money, even if it's in virtual currency.

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Are you referring to bitcoin? I have seen lots of websites using bitcoins to conduct transactions. As far as I am aware, bitcoins can be converted into real currency.

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Are you referring to bitcoin? I have seen lots of websites using bitcoins to conduct transactions. As far as I am aware, bitcoins can be converted into real currency.

I don't think he is referring directly to bitcoins. However, the concept is similar.

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A lot of great and large forums are based off of a virtual economy. A prime example of this is Gaia Online, the largest forum in the world. Of course, it's integrated with a whole game and various other features, but it's still a forum which offers coins as a reward for posting there, which can be used in the game. A little different from forums that use modifications to add points systems but it works in the same concept, and Gaia Online makes millions of dollars every single year, so it's been successful. :)

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I like the idea of posting in forums etc to earn money or points that can be used towards prizes/gifts. I think it is a neat idea, unlike GPT sites where you sit there all day doing offers for pennys and sometimes not getting credited, resulting in a waste of time. Posting in forums is easy and you know your getting paid!

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Since it is a virtual curency I guess it has no monetary value. You will just have a lot of virtual currencies which you can not withdraw or use it to buy something tangible. I would not root for such an idea. 

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