Over at the UK’s Gaurdian web site, Victor Keegan this week published a good read on why the virtual goods market is more than just a passing fad, going so far as to compare the “seismic economic change” that virtual goods represent to the industrial revolution.
Keegan estimates the size of the virtual goods market in Asia alone at around $5 billion, and though he admits the numbers are hard to come by, he paints a picture of the rest of the world as catching up quickly.
He then goes on to argue that there are several reasons why this growth will only continue, pointing to evidence such as the advancements in virtual worlds, social networks, and what he calls “the three-dimensional web”; the growth of virtual meetings and collaboration, especially in the workplace; and, most relevant to Offerpal’s business:
Fourth, the engine of economic growth in virtual worlds has been micropayments, providing an easy way to buy virtual swords or roses or whatever for a very small amount of money. If micropayments – with Rupert Murdoch leading the charge – finally make it to the mainstream internet, then virtual goods would get a huge boost.
Thanks to @amyjokim for pointing the article out.
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