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Project Entropia is a massively multiplayer online role-playing game (MMORPG) that simulates a 3D virtual gaming environment. Players create an avatar to represent them in the virtual world of Calypso, where they battle beasts, forge alliances, and gain skills.
One thing that sets Project Entropia apart is the ability to convert real world money into in-game money and vice versa. Money within the game is represented in Project Entropia Dollars or PED's. The exchange rate is fixed at 10 PED to one US$. Transaction fees may be charged for converting the currency.
On 14 December 2004, the game creators MindArk announced the conclusion of the first "treasure island sale". This is a virtual island put up for auction. The winning bidder, Zachurm "Deathifier" Emegen, paid 265,000 PED (US$26,500) for the island. According to the article, it is "a large island off a newly discovered continent surrounded by deep creature infested waters. The island boasts beautiful beaches ripe for developing beachfront property, an old volcano with rumors of fierce creatures within, the outback is overrun with mutants, and an area with a high concentration of robotic miners guarded by heavily armed assault robots indicates interesting mining opportunities." This story has been picked up by Slashdot, as it is believed to be the highest price ever paid for a virtual item.
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Economy
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