Exploring Norrath: A Virtual Reality's MarketSociety on the Cyber Frontier

Virtual Realities: A Comprehensive Insight into the Market and Society on Cyberian Frontiers

Published in December 2001 by Edward Castronova from Indiana University, this paper offers a detled account of Norrath - a virtual world discovered by Californians in March 1999. It's described as an exotic realm home to industrious inhabitants, with approximately 60,000 people present at any given time out of which about 12,000 call it their permanent abode. The average wage is estimated at USD3.42 per hour, and the GDP per capita in Norrath stands somewhere between that of Russia and Bulgaria.

The virtual economy operates under a unique structure with an exchange rate for its currency that is higher than the Yen and Lira at USD 0.0107 per unit. Characterized by extreme inequality, life in this realm proves attractive to many. With rapid population growth, swelling each day by hundreds of newcomers from diverse regions globally, especially the United States, it draws attention.

The most intriguing aspect is its location: Norrath is a digital world existing on just 40 computers based in San Diego. Unlike numerous internet ventures, virtual worlds like this are generating revenue - projected to exceed USD1.5 billion by 2004 and potentially becoming the primary online activity venue with the impact of network effects.

Keywords:

• Information Internet Services

• Computer Software

JEL Classification:

• L86

Acknowledgments:

Castronova, Edward, Virtual Worlds: A First-Hand Account of Market and Society on the Cyberian Frontier, December 2001. Avlable at SSRN: https:ssrn.comabstract=294828 or doi:10.2139ssrn.294828

Citation:

Castronova, E., 2001. Virtual Worlds: A First-Hand Account of Market and Society on the Cyberian Frontier PDF. SSRN 294828.

References:

Castronova provides references to support his research.

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