Aetherius Network
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Aetherius Network

International multi-gaming guild since 2006.
 
HomeAetheriusEventsLatest imagesRegisterLog in
Come chat with us on Discord! It's where everyone is at now! https://discord.gg/aBSngGf
Check out our Aetherius Network Facebook Page to see upcoming news and/or enter giveaways.
Follow us on Twitter!

 

 Virtual Currency Trade Legalized, New Business Model Likely to Come out

Go down 
3 posters
AuthorMessage
Shu
Celestial Council
Celestial Council
Shu


Male
Number of posts : 10794
Location : Singapore
IGN[Game NickName] : Ashura/Iori Yagami
Current Status : Busy at Work
Registration date : 2008-03-31

Virtual Currency Trade Legalized, New Business Model Likely to Come out Empty
PostSubject: Virtual Currency Trade Legalized, New Business Model Likely to Come out   Virtual Currency Trade Legalized, New Business Model Likely to Come out Icon_minitimeFri Jan 15, 2010 8:04 pm

Having been prosecuted for trading in the virtual currency of the popular online game Lineage (which was considered to violate the Game Industry Promotion Act), Mr. Kim and Mr. Lee were found not guilty at second instance. On Jan. 10, the Supreme Court of Korea announced to maintain the verdict given at second instance. It was the first time that this Court had ruled on the controversial in-game currency trade. The ruling is expected to bring great impacts on South Korea's game trade market whose scale has arrived 1,500 billion Wons, and people's view on games will also change to some extent.


Full SizeLineage


Over the years, game producers have firmly stuck to the principle - "The currency and items in online games are all virtual and belong to the developers. No trade in them can be conducted." Civil units and parents also disagree with such trade, and insist that both games and in-game currency trade will impose negative impacts on children's education. But players' opinion is: "The in-game currency and items belong to players, and business in this area is actually popular in real life. In this way, restrictions on such trade will be deemed as an infringement on consumers' rights".



After analyzing Lineage's features during second instance, the Supreme Court of Korea found that the currency in Lineage - "Aden" was not among those forbidden to be resold according to the specifications in the Game Industry Promotion Act. Evidence includes: 1) no one was found to bet on the lucky ones with certain stakes by rolling dices or spinning wheels, and then share the stakes; 2) players got Aden and items by killing monsters or fighting against each other; 3) the trade in Aden was quite popular inside the game. In short, the trade in Lineage's virtual currency could not be deemed as gambling, but somewhat a kind of payment for labor.


Full SizeLineage


A new business model is likely to come out.


With the legalization of Lineage's virtual currency trade, the game market is very likely to witness a brand new business model. Particularly, those small and medium-sized game companies are expected to receive great chances of expansion. It is also estimated that legal in-game currency and item exchange centers will also appear.


However, large game companies believe that the new business model is not the problem. What matters is as a social concern, how the in-game currency/item trade can be made transparent? These companies hope related authorities can clearly show the development direction. In their opinion, "it's very common to see Aden obtained in abnormal ways nowadays, and there's no way to determine whether the virtual currency trade is legal or illegal. Once such trade is legalized, certain adjustments will have to be made to the Game Industry Promotion Act and related taxation standards should also be set accordingly.


1 million Aden is sold at 8,000 Wons on in-game currency/item trade intermediary websites currently, and the turnover of the in-game currency and item trade in South Korea is about 1,500 billion Wons. It's estimated that the illegal trade in this field also reaches 1,000 billion Wons.

Back to top Go down
Shu
Celestial Council
Celestial Council
Shu


Male
Number of posts : 10794
Location : Singapore
IGN[Game NickName] : Ashura/Iori Yagami
Current Status : Busy at Work
Registration date : 2008-03-31

Virtual Currency Trade Legalized, New Business Model Likely to Come out Empty
PostSubject: Re: Virtual Currency Trade Legalized, New Business Model Likely to Come out   Virtual Currency Trade Legalized, New Business Model Likely to Come out Icon_minitimeFri Jan 15, 2010 8:06 pm

frankly if they can get rid of corrupted gm and hackers and botters this will be good news ^^

in novels ppl says future mmo have no gm.only admin who can watch but cannot do anything in game.the game itself is run by AI master computer :D
Back to top Go down
Snow
The Almighty Banana
The Almighty Banana
Snow


Male
Number of posts : 6807
Location : Netherlands
IGN[Game NickName] : Snow, Nuts, Nut, Snowball, Splash, Snowy
Current Status : Busy at School
Registration date : 2008-06-02

Virtual Currency Trade Legalized, New Business Model Likely to Come out Empty
PostSubject: Re: Virtual Currency Trade Legalized, New Business Model Likely to Come out   Virtual Currency Trade Legalized, New Business Model Likely to Come out Icon_minitimeFri Jan 15, 2010 9:05 pm

Lol legalising the trade...

I mean Hackers, GM buddies, Scammers & Botters will earn sick ammounts in more popular games and those games will be flooded by them.
Back to top Go down
http://img230.imageshack.us/img230/8485/1snowflakecardmadebyneoc
Hera
Nivy
Nivy
Hera


Female
Number of posts : 1925
Location : Malaysia
IGN[Game NickName] : Vynch
Current Status : Happy
Registration date : 2009-02-02

Virtual Currency Trade Legalized, New Business Model Likely to Come out Empty
PostSubject: Re: Virtual Currency Trade Legalized, New Business Model Likely to Come out   Virtual Currency Trade Legalized, New Business Model Likely to Come out Icon_minitimeSat Jan 16, 2010 5:22 am

Ashura wrote:
frankly if they can get rid of corrupted gm and hackers and botters this will be good news ^^

in novels ppl says future mmo have no gm.only admin who can watch but cannot do anything in game.the game itself is run by AI master computer :D

You stole that idea from 1/2 Prince. I swear..!!! fire breath fire breath fuming fire!
Back to top Go down
http://burogublog.wordpress.com
Sponsored content





Virtual Currency Trade Legalized, New Business Model Likely to Come out Empty
PostSubject: Re: Virtual Currency Trade Legalized, New Business Model Likely to Come out   Virtual Currency Trade Legalized, New Business Model Likely to Come out Icon_minitime

Back to top Go down
 
Virtual Currency Trade Legalized, New Business Model Likely to Come out
Back to top 
Page 1 of 1
 Similar topics
-
» Virtual Sex Club
» Age Of Conan F2P Hybrid Model
» NASA game gives keys to virtual moonbase
» Virtual sales provide aid to poorer nations
» Total Recall IP snagged by MMO studio SEE Virtual Worlds

Permissions in this forum:You cannot reply to topics in this forum
Aetherius Network  :: Announcements :: General Games/MMORPGs News-
Jump to: