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Decentraland. Decentraland is a 3D virtual world browser-based platform. [5] Users may buy virtual plots of land in the platform as NFTs via the MANA cryptocurrency, which uses the Ethereum blockchain. [6] Designers can create and sell clothes and accessories for the avatars to be used in the virtual world. [7]
The online video game Second Life has its own economy and a virtual token referred to as Linden Dollars (L$). In the SL economy, users (called "residents") buy from and sell to one another directly, using the Linden, which is a closed-loop virtual token for use only within the Second Life platform. Linden Dollars have no monetary value and are ...
Non-fungible token. Illustration of a non-fungible token generated by a smart contract (a program designed to automatically execute contract terms) A non-fungible token ( NFT) is a unique digital identifier that is recorded on a blockchain and is used to certify ownership and authenticity. It cannot be copied, substituted, or subdivided. [1]
A virtual economy (or sometimes synthetic economy) is an emergent economy existing in a virtual world, usually exchanging virtual goods in the context of an online game, particularly in massively multiplayer online games (MMOs). People enter these virtual economies for recreation and entertainment rather than necessity, which means that virtual ...
They may be subject to estate taxes if the estate exceeds certain thresholds ($12.92 million in 2023; $13.61 million in 2024). Like stock, cryptocurrency enjoys a stepped-up cost basis to the fair ...
Virtual currency. Virtual currency, or virtual money, is a digital currency that is largely unregulated, issued and usually controlled by its developers, and used and accepted electronically among the members of a specific virtual community. [1] In 2014, the European Banking Authority defined virtual currency as "a digital representation of ...
Virtual currency like Bitcoin has shifted into the public eye in recent years. Some employees are paid with Bitcoin, more than a few retailers accept Bitcoin as payment, and others hold the e ...
Second Life also has its own virtual currency, the Linden Dollar (L$), which is exchangeable with real world currency. [13] [14] Second Life is intended for people ages 16 and over, with the exception of 13–15-year-old users, who are restricted to the Second Life region of a sponsoring institution (e.g., a school). [15] [16]