The company behind online science fiction game Entropia Universe is launching a 'real world' ATM card that allows players to convert virtual money into hard cash that can be withdrawn at the hole-in-the-wall.
Developed by Sweden-based MindArk, Entropia Universe is an online role-playing game that has a real world cash economy.
MindArk says the online universe supports sales of virtual products with actual cash value within a real economy system that enables players to make purchases, sales and exchange real-life currency into PED (Project Entropia dollars) and back again into real money, at a fixed exchange rate to the US dollar.
Members are able to acquire goods, buildings and land in the virtual universe. In 2005, the Entropia Universe turnover was an estimated $165,000,000 million US dollars.
Cash transfers in and out of the Entropia Universe currently take up to 50 days to arrange, according to a FAQ on the company Website.
In contrast, the new ATM card is linked to a player's virtual bank account and can be used at Versatel cash machines around the world to instantly convert virtual dollars into real currency. MindArk says all of the features of transferring, withdrawing, depositing and viewing account balances are available with the virtual ATM system.
"The ATM system is a crucial and significant element in the true monetisation of virtual currency, by supporting instant and convenient conversion to real cash," says Jan Welter, MindArk CEO. "MindArk is changing the online gaming and virtual community landscape by introducing a real cash economy that offers validity and secure monitoring of one's funds."