In my post: What can Games teach us about money Part 1 , I introduced some basic elements about money skills and how we can learn these skills from games such as Monopoly and Farmville. This post is a continuation of the same topic and is approached by digging deeper into other games such as World of Warcraft which of – course – is rich of many financial definitions.
What’s the economy inside games such as World of WarCraft (WoW) like. The virtual currencies that they use inside these games is the attention of many gold (a virtual currency term) hunters. Please read my old post Trading Virtual Money for an in-depth coverage of the opportunities of Game currencies. The gaming industry (including game currencies) is milking real money- with huge quantities. Many economists studied the economical signals such as the GDP of these games. In my other posts I wrote about how these games can teach you about money. Its not just that but such skill or craft can be lent to those who want to have virtual money easily (players). I have seen many financial tools being used in MMORPG games such as World of Warcraft which helps you to manage many business aspects inside the game. In wow there is an auction house , trades and crafts which generate goods-that can be sold and you have to deal with expenses and incomes during play time. All these aspects are very similar to real business life. Many skilful players are selling their expertise outside the game in the internet by offering guides on how to make virtual money . The trade tools (addons) being made by players who understand wow money system well are getting popular and a must for any player who wants to profit from the virtual market. For example, there are charts in particular addons, these addons resembles technical analysis charts that are used in IRL (in real world) investing by sophisticated investors. In the case wow, you need these tools to understand the market (auction house). The auction house is very similar to popular auctions in real world and how they operate such as eBay. Like eBay, understanding the market and utilizing the necessary tools is vital in obtaining results.
What does this topic has to do with my blog niche “entrepreneurial tools” you may ask . It does a lot by learning how to understand the multitude of business operations that are being operated in the wow economy , you can learn a lot of concepts that you can apply in real life. You can learn about item pricing and by using some tools you can spot under, fair or over priced goods. You can also learn about bidding and item listing expiry. You can also learn negotiation with other players when they post their items in the trade channel ( a chatting channel). You also learn that you can make money not just by specializing in a trade, but by becoming a trader and profiting from prices arbitrage ( a very important concept in economy). You will also learn the best times to list items and when not to by understanding the market trends and this is also a very important lesson for real world trading. You can also exercise your entrepreneurship skills in wow by being creative in offering new services or unique items for other players. There are many players who learnt from wow lessons and started to play in the real economy. Like Rich dad said : playing (money) games benefits you in real money, which I totally agree with.Being good at it gives you the inspiration to ask your self , if I’m good at virtual money why not apply my skills in real world. It can not be as simple as that but it could be a good start.
Making money from virtual money is becoming increasingly a common phenomena. I’m talking about the business of selling and buying GAMES’ currencies (gold) such as World of Warcraft , EverQuest or Ultima Online ..etc. People are willing to pay real money in exchange for virtual money for the sake of having fun and pleasure. I even saw my friend who paid real money to get virtual money to play a game in FaceBook.The number of virtual currencies providers (stores)are increasing exponentially. These stores are spread everywhere in the world. From East-such as China (which has the biggest ratio) to the west. The economy of such games is enormously huge, it was estimated that GOLD money industry is valued in billions of Dollars. However some game providers ban trading gold, because it harms the game’s economy.
The game industry has attracted many of academics’ attention. They came up with many theories from a variety of scientific backgrounds (psychology , economy, sociology, etc.) doing their best to explain what’s happening inside and outside games, as games becoming the information age’s big event. One of the interesting analysis that I came across on Youtube was done by a game researcher and virtual money trader Julian Dibbell. He even wrote a book about making money from games.
I’m wondering, how many other models are similar to the above which are based on making businesses from virtual services or currencies. Some game companies organize tournaments, in which they reward skilled players when they win. This could be a good income source for gamers who are good at playing and are passionate about it. Its like snooker, you get paid for being professional. If you have good experience at testing and developing games, companies might hire/pay you to test their games. You can also sell your service in the form of consultations, by writing for example guides or eBooks. There is the business of “Power Levelling” : this service is provided by some stores to help you achieve the status/rank/gear that you wish to obtain. They charge you real money for it, and it varies depending on the difficulty or other factors.
If you claimed- in the past (correct me if I’m wrong) that you can make money from playing games,nobody would listen to you and they probably would be right. Nowadays its possible to play for fun and make money out of it, thanks to the technology and the internet.
In my article Monetizing Twitter ideas Part 2 , I explained how advertisers can use others Twitter’s accounts (tweeters) to market their products. The flip side now is : YOU can be the tweeter and therefore can earn money. It’s a simple process , all you need is a 1 month old Twitter account at the minimum and there you go. Just allow Sponsored Tweets to connect to your Twitter account and your are set. Sponsored Tweets will suggest an estimate for your charge per tweet, but its up to you to decide. You can do some searching by looking at how much other tweeters charge or by asking people who have experience. Have fun !
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” The Internet is booming with opportunities, and the people starting today are the ones who will be reaping the rewards tomorrow. ” ( Online Profits).
I have found a good source that teaches many techniques of making money on the Web. There are 24 main topics that covers in depth what you really need to know to understand how to establish a money making system online. The program was designed by a faculty of well-known experts in the field who have hands-on experience, so they know what are they talking about.The training program can be found at : Online Profits
Twitter and social media are great tools to reach new experiences and make new friends or customers ! There are some success stories about how companies achieved success, for example Dell !
Every body knows Adsense and how many marketers use it to make money. There is an iPhone application that allows you to trace your campaign and how much money you are making, its called iEarn.
I also found a new trend that allows you to insert your Adsense code into an iphone application and it will display your ad. That will allow you to make money if some one press your ad while using the iphone application. The ad will be targeted by the appropriate keyword or category.
This is my first post which I talk about iPhone. I think its a great tool for entrepreneurs or any one who seeks productivity. The iphone is not different than any web app that I reviewed before, they are related most of the time. As a matter of fact every good web tool nowadays has its own iPhone application you can use any where and any time.
Its adorable to help your friends or people you know find a job to make their life better. Today I found something modern on the web that not only it helps others but it also rewards you. My job referrals allows you to monetize your contacts by hooking them to open positions.
So get paid for who you know .
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