Tuesday, May 19, 2009

new economy as fake as old economy

According to the New York Times, selling nothing seems to be the perfect business model. Apparently, the panty exchanging trend, ever so pervasive on facebook, is actually bringing in the big bucks. In fact, facebook sold over $40 million dollars worth of virtual gifts last year.

Once the domain of creepy avatars, virtual gift-giving for online personalities are now an acceptable way to spend hard earned real life cash. Tencent, a Chinese social network, recently reported a 75 percent increase in first-quarter revenue, to $366 million, nearly all of that from sales of virtual goods to Internet and cellphone users. Virtual gift-giving is rampant, you see.

It all seems exciting now, but eventually all this crap is going into the virtual gift exchange.

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