Second Life announces the world's biggest virtual party

Davey Winder
Sunday, 22 June 2008 04:40

Business IT - Networking

The ability to not only create in-world content, but also to be able to sell that content to other residents, meant that very quickly Second Life developed a virtual economy of its own. The in-world Linden Dollar became a very real currency indeed.

In October 2005, Linden Lab launched a hosted currency exchange, the LindeX. Within a year the virtual world could boast 1 million residents, rising to 5 million within another 12 months and 10 million by September 2007.

The whole IP rights issue, coupled with that rare opportunity for ordinary people to finally be able to make a little money from user generated content helped fuel the boom. For most people Second Life is primarily a fantasy playground, for some it is a Second Income.

For Ailin Graef it is everything. Better known in her avatar form as Anshe Chung, she managed to turn a US $10 (AUD $10) initial investment into a million dollar fortune within the space of just two years. Not Linden Dollars mind you, but very real ones.

Her wealth was built entirely within the virtual world, buying 'land' and building property which could then be rented out. Anshe Chung is a virtual property developer and a very successful one at that. Her portfolio includes multiple shopping malls, multiple retail store chains and brands as well as residential housing estates.

Philip Rosedale, Linden Lab Founder and Chairman of the Board, told us "it’s amazing to look back and reflect on everything that we’ve accomplished in such a short time. From our initial launch, to the decision to allow Residents to retain their IP, to opening up the Platform to third parties, most of the decisions we’ve made have gone against the grain of conventional wisdom and that’s made all the difference.”