Second Life residents mostly do not have a government. ( March 2023) ( Learn how and when to remove this template message) Statements consisting only of original research should be removed. Please improve it by verifying the claims made and adding inline citations. This section possibly contains original research. This led to concerns about whether the Linden dollar should fall under anti money laundering legistlation, which led to the closure of such third party exchanges. Bitcoin Exchange īetween 20 a third party exchange, Virwox, allowed trading between Linden dollars and bitcoin. īetween June 2008 and June 2017, the rate has remained stable with a high of L$270/ US$1 and a low of L$240/ US$1. However, limit orders may take longer to be fulfilled than market rates. The ratio of L$ to US$ (L$: US$) is a floating exchange rate depending on supply and demand Linden Dollars can be purchased and sold on the Lindex at the current market rate, or residents can set their own limit to get a better exchange rate. Residents may purchase L$ directly through the Second Life viewer, or by logging into the website and using the Lindex Exchange. There are also the virtual equivalent of minimum wage jobs and charitable organizations that try to introduce new residents to the consumer economy. In addition to the main economy, some residents receive a small weekly stipend, depending on the kind of account they have, and when they joined Second Life. Mainstream media has reported on SL residents who earn large incomes from the SL real estate market. Originally all land comes from Linden Lab (which is part of the pricing and a revenue stream for them), but after that it is bought and sold much like real-life real estate. To earn Linden Dollars in Second Life, one must find customers who are willing to pay for the services or products that one can supply, just like in real life.īecause of the existence of virtual land, there is an active virtual real estate market. Virtual goods include buildings, vehicles, devices of all kinds, animations, clothing, skin, hair, jewelry, flora and fauna, works of art, and breedable in-game animals and pets such as: foxes, turtles, horses, cats, dogs, fish, dragons, and original in-game pets called Meeroos. ![]() ![]() Services include camping, working in stores, custom content creation, and other services. The basis of this economy is that residents (that is, users, as opposed to Linden Lab) can buy and sell services and virtual goods to one another in a free market. Gross Resident Earnings are $55 million US Dollars in 2009 – 11% growth over 2008. In 2009, the total size of the Second Life economy grew 65% to US$567 million, about 25% of the entire U.S. ![]() Linden Lab reports that the Second Life economy generated US$3,596,674 in economic activity during the month of September 2005, and in September 2006 Second Life was reported to have a GDP of US$64,000,000. This economy is independent of the price of the game, which users pay to Linden Lab, not to each other. A resident with a surplus of Linden Dollars earned via a Second Life business or experiential play can offer to exchange with other users via the LindeX exchange provided by Linden Lab. ![]() However, the presence of a currency exchange has led to the Linden Dollar being recognised as a centralized virtual currency, a fiat currency, or property. Linden Dollars have no monetary value and are not redeemable for monetary value from Linden Lab. In the SL economy, users (called "residents") buy from and sell to one another directly, using the Linden, which is a closed-loop virtual token for use only within the Second Life platform. The virtual world Second Life has its own economy and a virtual token referred to as Linden Dollars (L$).
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