As the World Wide Web (WWW) takes over more and more of our time the concept of money and wealth and how we spend it s also changing. The internet is drastically changing the way we interact with products and services.
Virtual Money is an emerging online “currency” which in the near future will become a vital component of any economy and will be a necessity for customers to have.
By definition virtual money or in-game currency is “used purchase virtual goods within a variety of online communities; which include social networking websites, virtual words and online gaming sites”.
The concept of virtual money and virtual goods goes hand and by definition virtual goods are “non-physical objects purchased for use in online communities or online purposes/games”.
Virtual money or gamer money has been driving revenue in different parts of the world since 2005 and the interest in Virtual Goods and Virtual Money has been increasing because different Social Media websites have integrated gaming platforms into themselves that trade in Virtual money.
According to reliable statistics in 2009-2010 games played on social networks brought in $ 1 billion in US only and over $ 7 billion worldwide in terms of sales of virtual goods. Analysts are predicting that by 2014 the revenue volume will swell $ 14 billion worldwide.
Zynga the producers of Farmville, Catle Ville, Bubble Safari and City Ville in 2009 reported more than $100 million in revenue directly from the purchase of virtual currency and goods.
This new emerging idea and business model can generate jobs and revenue for the people and the country. Pakistan is in dire need of initiative right now so that the economy can be jump started. In this cash strapped environment technology and related ideas can serve as a breakthrough.