Making Money Online within Video Games
Following my article from last week titled “Did my inner geek die?”, I want to come back to another part of my personal biography and the first dollars I have earned online playing video games. Don’t be lured by the fact it was a game, it was a lot of work and dedication.
As I got close to the end of my Architecture studies, I allowed myself some fun time and started playing video games again, but with a lot more moderation than previously. (I had a girlfriend at this time and still wanted to spend some time with her). There had been a craze with MMORPG (Massive Multiplayer Online Role Playing Games) which best commercial success have been World Of Warcraft. I was more interested in games which were using another business model. Instead of charging for a monthly subscription, some of these games are Free To Play, but you can buy some premium items with real cash.
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One of these games caught my attention: Entropia Universe (formerly Project Entropia). In this persistent universe, you need money for everything: clothes, armors, weapons… The interesting thing that the developers implemented is a fixed conversion rate between US dollars and PE Dollars (Project Entropia Dollars). This conversion rate means that you can turn USD into PED, but, more importantly, you can turn PED back into USD, which means that if you are able to earn some cash into the game, you are actually making real money.
After browsing a lot of forum posts and websites, I discovered a whole Electronic Economy within the game. At that time, being a student, I didn’t really have money to invest so I had to find a way to get the ball rolling. I invested something like $120 into the game and started buying some undervalued items. Having dome my market research correctly, I had access to a whole set of tools which let me know the market value of a given item within seconds, as well as the price trend over the last days/weeks/months. With such information, I was able to spot the items which were under-priced and I was reselling them for regular price.
Using this simple method, I have been able to pile up a few thousands dollars. Even if I had no clue about the theory behind what I was doing, I was applying the method I use on a daily basis nowadays: find a market, study the market, find opportunities, make cash out of these opportunities.