The content within the renowned virtual world of Second Life is all designed and created from start to finish by the users of the platform, usually referred to as ‘residents.’ However, this alone is not what sets Second Life apart from other virtual worlds. One of the biggest draws is in fact its booming and successful economy. Even as the real world struggled against a recession that reaches all corners of the globe, the residents of Second Life kept spending. 2009 saw the Second Life economy reach 567 million US dollars.
Second Life has its own currency, known as the Linden Dollar. Residents can buy Linden dollars using real world currencies and spend them in world. By the same token, Linden Dollars you have can be cashed out into real world currencies, meaning that Second Life has fast become a genuine means of a very real income for a number of talented designers.
But what do the users of Second Life actually buy with their Linden dollars in Second Life? One of the biggest expenses for those who choose to buy it is Second Life land. People often pay a fee in advance and an ongoing monthly fee for the duration that they ‘own’ their land. Many then use this land to set up stores of their own from which to sell their goods, clubs or homes. Significant amounts of money are also spent on avatar appearance items such as Second Life fashion items, skins, virtual hairstyles and all things to make our pixels look good!
There’s also no shortage of cash spent on services in world. These services might include marketing services to enlist the help of specialists in marketing your own products or even on a live musician or comedian to perform at an event at one of the many clubs or live performance venues within Second Life.
It can be difficult for those who have never used Second Life to comprehend how others can spend money on items that do not really have a physical existence. But the Second Life economy is very real and is a genuine income for so many. And for those who really don’t get it, I simply ask, do you pay for your Internet connection? Because you can’t physically touch that either…
