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What may be more interesting, at least from the legal perspective, is that Linden CEO Mark Kingdon, continues to tout the ability to make real money and own property in the world. In an interview posted on Virtual World News, I was particularly surprised that Kingdon (at about minute 16:30) specifically differentiated Linden$ from amusement park “coins” because they are redeemable for real money, given that the SL Terms of Service (§1.4) continues to describe the L$ instead as a “limited license right… and is not redeemable for monetary value from Linden Lab.”
MotoH said:Are normal lives not good enough?
Second Life is a virtual reality platform where users can create avatars and interact with each other in a simulated world. It blurs the line on its currency by having its own virtual currency, called Linden dollars, which can be used to buy virtual goods and services within the platform.
No, Linden dollars are not considered a real currency as they have no physical form and are not backed by a government or central bank. However, they can be exchanged for real money through authorized third-party exchanges.
Second Life has its own internal economy team that oversees the creation and circulation of Linden dollars. They also have a set of rules and regulations in place to prevent fraud and maintain the value of their currency.
Yes, users can earn real money from Second Life by selling virtual goods and services for Linden dollars and then exchanging them for real money through authorized third-party exchanges. However, this is against the platform's terms of service and can result in a ban.
Second Life's virtual currency does not have a significant impact on the real economy as it is a closed system and the Linden dollar's value is not tied to any real-world currency. However, it does provide a way for users to engage in virtual commerce and can contribute to the overall economy of the platform.