Learn what you could do in a virtual economy

You might be wondering how there could be a real economy in virtual gaming. When certain requirements are attained in solving a puzzle, completing an in game task or by winning over an opponent, you will have something of value generated. These gaming economies have grown and brought up multiple platforms where players are able to sell their merchandise to other players for real money.

As of December 2012, many people realized that virtual currency can be of great profit. During this time, more than 9.6 million users were active on the World of Warcraft which is a massively multiplayer online role playing game (MMORPG). In these kinds of games, players are able to earn virtual gold which is easily exchanged for virtual goods. In some cases, players are able to use third party currency exchanges to buy and sell virtual goods using real dollars.

In some parts of the world like South Korea gamers are happy since their government acknowledges the virtual currency and has ruled the currency to be legal and can be converted into real money use in real world economy. The catch here is that the money should not be got from activities based on luck such as gambling activities like playing poker. This means that players of MMORPG can make a living from living the virtual life.

The ruling was made based on the logic that players in the MMORPG earned the money through skill and hard-work which gives the players the right to convert the money into real hard funds that they could use in running their livelihoods.

The virtual economy is a reality and a lot of money exchanges in transactions. The IRS has not let this pass under their nose unattended to. They have their eyes on the virtual economy and are very keen not to let income go unreported.