Sure, we've all heard the crazy talk of EverQuest's GDP outstripping that of most civilised nations, but the WSJ threw even more brain bending, econo-philosophical curveballs at us last week when their intrepid reporter announced that a virtual currency's inflation was outstripping that of real world Yuan. The QQ is money for the hundreds of millions of people who use Tencent's services, an organisation which created the funds for its internet community, and a few weeks ago it became money for real trade too.
According to the article, the biggest kickstart came when other online worlds in this online world-fanatical country began accepting the QQ for purchases in their digital environments:
The coins appeal as a safer, more practical way to conduct small online purchases, because credit cards aren't yet commonplace in China.
At informal online currency marketplaces, thousands of users helped turn the QQ coins back into cash by selling them at a discount that varies based on the laws of supply and demand. Traders began jumping into the QQ coin market as an opportunity to make a quick yuan off of currency speculation.
State-run media reported that some online shoppers began using QQ coins to buy real-world items such as CDs and makeup. So-called QQ Girls started accepting the coins as payment for intimate private chats online. Gamblers caught wind, too, and started using the currency to get around China's anti-gambling laws, converting wins in online mahjong and card games back into cash. Dozens of third-party trading posts sprouted up to ease transactions, turning the QQ coin into a kind of parallel currency.
A parallel currency with an inflation rate of 70%.
Western nations have had such opportunities to trade cash between online environments in the past (the Gaming Open Market, for example, allowed players to transfer Ultima Platinum pieces for Linden bucks or EQ gold for a short time), but most of these endeavours have been offered through third-parties (one notable exception: Project Entropia offered virtual money-real world credit cards).
We haven't yet made the leap of faith that Eastern countries (think Cyworld's dotori in Korea) have. Perhaps our proportionate playing populations allow us to keep feet firmly planted in physical Earth, with its own make-believe money (a pound of sterling? Where?) and bartering items (can anyone say "Rewards Points"?).
