"Entropia Universe" Opens Pawnshops Exchanging Virtual Items for Real Dollars

Entropia Universe is an online MMORPG virtual world where the Real Cash Economy (RCE) allows the players to exchange the virtual money, known as PED - Project Entropia Dollars, into real cash, with an exchange rate of 10 PED = $1 USD.

This means that virtual rare items obtained while playing the game can be exchanged for real dollars if the player can find other fans eager and able to pay the fees. And with over 580 000 registered players, it's hard not to find one who has enough money to buy the item that you have and he desperately wants.

But that's not all! The Swedish company behind the game, MindArk PE AB announced that it will begin selling five pawnshop licenses to players that want to open bank-like services in the game.

The pawnshops will make real loans to people who turn in virtual items like laser rifles and bionic implant chips.

"It's just like the construction business in the real world - none of that would happen without banks," said Jon "Neverdie" Jacobs, who, with a business partner, paid $90,000 for a license to create a "Gamer's Bank."

Jacobs already owns a virtual hunting and entertainment facility that brings him around $20,000 dollars a month in real money from successful virtual applications.

The game can be downloaded and played for free, following an account registration procedure. However, when someone new first starts playing, they are not given any other items or clothing beyond a bright orange jumpsuit and a pair of brown shoes. As such, although one can participate for free, a more involved gameplay is difficult without depositing funds.

There are many players who make a nice living in the real world with the money they gain from doing virtual business, but until now, there hasn't been an official license for opening pawnshops and banks.