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March 26, 2014

This is the world’s first $1 million virtual property

Land for sale on a treasure hunting planet in a virtual universe. Don the Oculus Rift!

By Ben Sullivan

Planet Arkadia, a virtual planet in an online role playing game called Entropia, has put up for sale the world’s first $1,000,000 virtual piece of land.

Called Arkadia Underground Deeds, the land sale gives the players of the game an opportunity to invest in real estate within the Entropia Universe, and it will allow players to share in the revenues of Arkadia Underground and receive dividends on a daily basis. 200,000 deeds are up for grabs, priced at 50 PED each (PED is the in-game currency).

The Entropia Universe, started in 2003 by a Swedish game developing company, has a real cash economy which has been developed over the past decade. The system provides a foundation for the virtual economy as all in-game PEDs are transferable to US Dollars at a fixed rate of 10 PED for each dollar. Players can withdraw their in-game PEDs and turn it into real-world cash at any time. If you are familiar with OASIS of Ready Player One, or any of Neal Stephenson’s cyberpunk books, then you’ll have an idea about what the Entropia Universe is trying to do.

David Dobson, CEO of Arkadia Studios, said: "Arkadia Underground has been highly anticipated within our Arkadian and Entropia Universe communities, especially now we have the ability for every player to earn revenues with such a low barrier to entry.

"Every player can now participate in Arkadia’s vibrantly growing economy which has enjoyed a quadrupling of activity year on year now for 3 years. Where else can you make investments where you can also jump in to play for fun and be rewarded on so many levels?"

In 2010, a British internet real-estate mogul sold his virtual nightclub in the Entropia Universe for £400,000, which was at the time the largest ever virtual sale. Club Neverdie, as the club was called, was one of the most sought after properties in the game.

The nightclub housed a stadium, shopping centre, and bio-domes, which earned the seller around £100,000 a year from other players buying its goods and services.

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