Entropia Banks Tie to Real Ones
January 11, 2007
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Entropia Universe, an online role-playing game with a distinctly economic twist, is going to let players start up banks with the authority to lend money that’s convertible to real-world dollars.
Sweden-based MindArk PE AB, Entropia’s parent company, said it would auction five banking licenses, each valid for two years. The holders will be able to set up bank buildings on the science-fiction-themed planet of Calypso, charge interest on loans, and advertise on in-game billboards.
Previous auctions by MindArk for virtual “real estate” have yielded bids of up to $100,000.
The Project Entropia Dollar is convertible to U.S. dollars at a fixed rate of 10:1, making it unique among virtual currencies, as most game companies shun links to the real-world economics.
Last year, MindArk made ATM cards available to players so they could withdraw game funds. Its payment-processing company, however, has run into difficulties, and it’s no longer possible to transfer money to the card accounts from the game.
In 2005, players in EVE Online, a science-fiction game published by an Icelandic company, financed a virtual space station through an “initial public offering” of stock. The following November, Ailin Graef claimed to own virtual property worth more than $1 million in Second Life, a world whose currency is convertible to the dollar at a fluctuating rate.
