MMORPG games utilize virtual money that serves as the in-game currency. Players can acquire it through harvesting (10 minutes for one herb or five ore), quests and PvP.
Gold is like other resources such as herbs or ore, in that its value depends on how long it takes to collect it. Players also frequently find gold through loot bonanzas that may occur occasionally in MMORPGs.
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MMO games typically contain a vibrant virtual economy, where virtual items and currency can be traded between players or sold for cash to real-world retailers, creating a virtual economy which can be studied and studied as economic research. Some MMOs require payment upfront as well as monthly subscription fees while others are free-to-play (B2F) with microtransactions occurring within the game itself.
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Many MMORPGs feature vibrant economies with real value to players; virtual items and currency have real significance, giving rise to real economic research; this virtual economy may even have real world repercussions.
One key element in assessing the value of something in an MMO is its opportunity cost: what could have been done instead. In a Real-time online MMO, players must consider how much time they invest in gathering resources and what alternative activities might offer better rewards. For instance, harvesting herbs or mining ore can take 10 minutes, and another player may gain just as much value from spending that same time on gathering or mining instead.
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Many MMORPGs feature living economies where virtual items and currency have real world economic ramifications for players. Such economic systems can be studied and can even have real world implications; some MMOs offer free or pay-to-play models; while others employ advertising funded models or monthly subscription fees.
MMORPG players pay intangible costs with time when harvesting plants; harvesting an herb that takes 10 minutes represents 10 minutes of lost activity elsewhere. As such, money gathered through gameplay tends to accrue faster than it leaks away due to incidentals expenses, so long-term players tend to face lower opportunity costs when purchasing items than short-term players.
