Monday, June 23, 2008
Tuesday, February 13, 2007
A Disputed New Business: Virtual Property Exchange
n many ways, the in-game economy is similar to a real world economy, goods and services are traded to mutual advantage and are mediated in currencies (gold, platinum, credit, etc.).An online broker, who goes by the screen name Rolala, was not a fan of online games until his 15-year-old son became interested in Final Fantasy XI. He then noticed that a large number of gils(currency used in FFXI) were for sale on eBay.
"I started hearing about players leaving the game who were selling their assets at cheap prices," he said, "so I figured, buy low, sell high."But Rolala found his moneymaking options in Final Fantasy XI "very limited". He switched to World of Warcraft, the world's largest MMORPG. There, he has leveraged his real-life experience into an online business. He converts his game profits into real money on sites like eBay, Bank of WoW, World of Warcraft Gold. Earnings can be considerable. He said he was on track to earn about $120,000 in real money in his first year in this business.Rolala's business is just one example of how increasingly popular online role-playing games have created a shadow economy in which the lines between the real world and the virtual world are getting blurred.
Edward Castronova, an economics professor at Indiana University who has written a book on the subject, calculated that if you took the real dollars spent within "EverQuest" as an index, its game world, called Norrath, would be the 77th richest nation on the planet, while annual player earnings surpass those of citizens of Bulgaria, India or China.Go to GameUSD, an exchange-rate calculator for the virtual worlds, and do a search for the latest rates of virtual currencies against the U.S. dollar, and let your jaw drop open. The rates of some virtual world currencies are even better than that of the Iraqi Dinar! For instance, here is the exchange rate of several popular virtual currencies: FFXI Gil ( Final Fantasy XI Gil ) ($23.89/1M), Lineage 2 adena ($2.80/1M), Everquest Platinum ($0.24/1K), Everquest 2 Gold($0.017/gold), World of Warcraft Gold ($0.178/gold), Star Wars Galaxies Credit ($0.50/1M), Guild Wars Gold ($0.07/1K), Second Life Linden ($3.14/1K), etc.Right now, this business is one of the most hotly debated issues on the internet. Many game companies such as Blizzard who run World of Warcraft discourage profit from in-game properties, though none have found a way to stop it.
Everquest IISony Online Entertainment, on the other hand, encourages the practice (albeit within the confines of their own "Station Exchange", their own forum for the sale of in-game properties). It recently announced the first month's figures from "Station Exchange". According to SOE, over 45,000 characters from "EverQuest 2" have been active on the exchange and have spent over $180,000 USD in one month, half of which have been spent on in-game gold and platinum.In terms of the law's concern, another issue is, who owns the virtual money? Many virtual world designers maintain that anything created in the world belong to the company. They refuse to recognise the rights of their players in the virtual property for fear of attracting liability for its maintenance or security.But will this work in the long term? Players spend considerable time and/or money acquiring such assets. In many cases they are the creation of the player and even the intellectual property ownership is questionable. "As we spend more time in these worlds, it's not enough for companies to say that 'we own everything and we can turn it off at any time,'" said a gamer. "The question may soon be should we have recourse against a game company for obliterating virtual assets?"With the rapid growth of virtual currency exchange market, should people accord virtual property the same protection as property in the real world?
source:: http://www.bitsofnews.com/component/option,com_diary/op,view/id,4825/Itemid,44/
"I started hearing about players leaving the game who were selling their assets at cheap prices," he said, "so I figured, buy low, sell high."But Rolala found his moneymaking options in Final Fantasy XI "very limited". He switched to World of Warcraft, the world's largest MMORPG. There, he has leveraged his real-life experience into an online business. He converts his game profits into real money on sites like eBay, Bank of WoW, World of Warcraft Gold. Earnings can be considerable. He said he was on track to earn about $120,000 in real money in his first year in this business.Rolala's business is just one example of how increasingly popular online role-playing games have created a shadow economy in which the lines between the real world and the virtual world are getting blurred.
Edward Castronova, an economics professor at Indiana University who has written a book on the subject, calculated that if you took the real dollars spent within "EverQuest" as an index, its game world, called Norrath, would be the 77th richest nation on the planet, while annual player earnings surpass those of citizens of Bulgaria, India or China.Go to GameUSD, an exchange-rate calculator for the virtual worlds, and do a search for the latest rates of virtual currencies against the U.S. dollar, and let your jaw drop open. The rates of some virtual world currencies are even better than that of the Iraqi Dinar! For instance, here is the exchange rate of several popular virtual currencies: FFXI Gil ( Final Fantasy XI Gil ) ($23.89/1M), Lineage 2 adena ($2.80/1M), Everquest Platinum ($0.24/1K), Everquest 2 Gold($0.017/gold), World of Warcraft Gold ($0.178/gold), Star Wars Galaxies Credit ($0.50/1M), Guild Wars Gold ($0.07/1K), Second Life Linden ($3.14/1K), etc.Right now, this business is one of the most hotly debated issues on the internet. Many game companies such as Blizzard who run World of Warcraft discourage profit from in-game properties, though none have found a way to stop it.
Everquest IISony Online Entertainment, on the other hand, encourages the practice (albeit within the confines of their own "Station Exchange", their own forum for the sale of in-game properties). It recently announced the first month's figures from "Station Exchange". According to SOE, over 45,000 characters from "EverQuest 2" have been active on the exchange and have spent over $180,000 USD in one month, half of which have been spent on in-game gold and platinum.In terms of the law's concern, another issue is, who owns the virtual money? Many virtual world designers maintain that anything created in the world belong to the company. They refuse to recognise the rights of their players in the virtual property for fear of attracting liability for its maintenance or security.But will this work in the long term? Players spend considerable time and/or money acquiring such assets. In many cases they are the creation of the player and even the intellectual property ownership is questionable. "As we spend more time in these worlds, it's not enough for companies to say that 'we own everything and we can turn it off at any time,'" said a gamer. "The question may soon be should we have recourse against a game company for obliterating virtual assets?"With the rapid growth of virtual currency exchange market, should people accord virtual property the same protection as property in the real world?
source:: http://www.bitsofnews.com/component/option,com_diary/op,view/id,4825/Itemid,44/
Investing in Indian Real Estate
Amitabh Kumar submits: Non-residents Indians [NRIs] have recently begun to show immense interest in the real estate market of India. A lot of NRI funds are coming to India, through various channels, to be invested in the real estate industry, as these NRIs want make the most of the opportunities offered by the growing real estate market in India.
We cannot ignore the important aspect of India's government in promoting real estate. The Indian government has played a major role in supporting the growth of the real estate sector by allowing NRI investment and Foreign Direct Investment [FDI] in real estate. With an exceptionally good return on the investment, the real estate sector has become the preferred choice of most of the investors.
Various lucrative avenues are being created and offered to invite maximum investments from abroad. The NRI section has responded quite positively, showing keen interest in India's real estate market. NRIs are investing a lot in residential and commercial properties to cash upon the increasing property demands.
NRIs are also allowed to participate in real estate investments by way of huge investments in the construction of residential and commercial projects, development of townships at city and regional level, constructing infrastructure facilities like roads and bridges in urban areas and investment in participatory ventures. The status of an NRI as a property owner is not much different from the Resident Indian; just like any other property owner, NRIs pay property tax to the concerned authorities, though NRI property tax is slightly different from what Indian residents pay.
NRIs also get complete support from the financial institutions and banks for the finance required for the purpose of investment in properties in India. NRIs are eligible for availing a home loan facility to purchase a property in India; in fact they are considered as quite a safe profile due to their good repayment capacity. As far as the process of the repayment of the home loan is considered, it can be made through a normal banking channel by way of inward remittance. It is also possible to repay by way of direct debit into the accounts of Non-residents (External) [NRE] or Non-resident Indians who earn an income in India through rent, dividends, pension, etc [NRO]. Online banking in India, and these special accounts for NRIs, have facilitated transactions for any kind of NRI investment in India.
It is a good sign that the NRI’s trust in the real estate market of India and consider their investments to be safe and rewarding. Any kind of NRI fund inflow to India generates a lot of interest in the country, which further helps to boost the market.
source :: http://india.seekingalpha.com/article/25948
We cannot ignore the important aspect of India's government in promoting real estate. The Indian government has played a major role in supporting the growth of the real estate sector by allowing NRI investment and Foreign Direct Investment [FDI] in real estate. With an exceptionally good return on the investment, the real estate sector has become the preferred choice of most of the investors.
Various lucrative avenues are being created and offered to invite maximum investments from abroad. The NRI section has responded quite positively, showing keen interest in India's real estate market. NRIs are investing a lot in residential and commercial properties to cash upon the increasing property demands.
NRIs are also allowed to participate in real estate investments by way of huge investments in the construction of residential and commercial projects, development of townships at city and regional level, constructing infrastructure facilities like roads and bridges in urban areas and investment in participatory ventures. The status of an NRI as a property owner is not much different from the Resident Indian; just like any other property owner, NRIs pay property tax to the concerned authorities, though NRI property tax is slightly different from what Indian residents pay.
NRIs also get complete support from the financial institutions and banks for the finance required for the purpose of investment in properties in India. NRIs are eligible for availing a home loan facility to purchase a property in India; in fact they are considered as quite a safe profile due to their good repayment capacity. As far as the process of the repayment of the home loan is considered, it can be made through a normal banking channel by way of inward remittance. It is also possible to repay by way of direct debit into the accounts of Non-residents (External) [NRE] or Non-resident Indians who earn an income in India through rent, dividends, pension, etc [NRO]. Online banking in India, and these special accounts for NRIs, have facilitated transactions for any kind of NRI investment in India.
It is a good sign that the NRI’s trust in the real estate market of India and consider their investments to be safe and rewarding. Any kind of NRI fund inflow to India generates a lot of interest in the country, which further helps to boost the market.
source :: http://india.seekingalpha.com/article/25948
Thursday, December 21, 2006
Himadri Enterprises buys Hyderabad land for Rs 54 cr
Bhagyanagar India has agreed to sell a part of its land in Hyderabad to Mumbai-based unlisted company Himadri Enterprises for Rs 53.52 crore, reports Our Bureau.
In a statement to the Bombay Stock Exchange on Wednesday, Bhagyanagar said it has sold about 5.76 acres at Uppal, an industrial suburb near Hyderabad, to Himadri. The cost of the property acquisition is less than 10% of the sale price, the statement said.
Bhagyanagar has signed an agreement with Himadri Enterprises and has also received Rs 3 crore as advance money for the sale, the firm said. Bhagyanagar, which owns land in and around Hyderabad, has been talking to various companies like Reliance Industries, Godrej Properties, Suncity and others for developing properties.
Bhagyanagar Metals, a unit of Bhagyanagar, had recently bought 25 acres at Gadchibowli near Hyderabad. Gadchibowli is an IT park where there are several software and hardware companies. In June, Bhagyanagar Metals had bought 25 acres at Hitech City, Hyderabad, for Rs 118 crore. The land is to be used for development of IT parks and housing townships, the company said.
The company has also purchased 6.22 acres near the proposed international airport at Shamshabad for a hotel project, for an undisclosed amount. Apart from properties, Hyderabad-based Bhagyanagar is also venturing into generation of non-conventional energy by setting up windmills with 2.5 mw capacity. The company said it is scheduled to expand the generation capacity of the windmills to 10 mw in a phased manner.
source:; http://economictimes.indiatimes.com/News/News_By_Industry/Indl_Goods__Svs/Metals__Mining/Himadri_Enterprises_buys_Hyderabad_land_for_Rs_54_cr/articleshow/870318.cms
In a statement to the Bombay Stock Exchange on Wednesday, Bhagyanagar said it has sold about 5.76 acres at Uppal, an industrial suburb near Hyderabad, to Himadri. The cost of the property acquisition is less than 10% of the sale price, the statement said.
Bhagyanagar has signed an agreement with Himadri Enterprises and has also received Rs 3 crore as advance money for the sale, the firm said. Bhagyanagar, which owns land in and around Hyderabad, has been talking to various companies like Reliance Industries, Godrej Properties, Suncity and others for developing properties.
Bhagyanagar Metals, a unit of Bhagyanagar, had recently bought 25 acres at Gadchibowli near Hyderabad. Gadchibowli is an IT park where there are several software and hardware companies. In June, Bhagyanagar Metals had bought 25 acres at Hitech City, Hyderabad, for Rs 118 crore. The land is to be used for development of IT parks and housing townships, the company said.
The company has also purchased 6.22 acres near the proposed international airport at Shamshabad for a hotel project, for an undisclosed amount. Apart from properties, Hyderabad-based Bhagyanagar is also venturing into generation of non-conventional energy by setting up windmills with 2.5 mw capacity. The company said it is scheduled to expand the generation capacity of the windmills to 10 mw in a phased manner.
source:; http://economictimes.indiatimes.com/News/News_By_Industry/Indl_Goods__Svs/Metals__Mining/Himadri_Enterprises_buys_Hyderabad_land_for_Rs_54_cr/articleshow/870318.cms
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