(92.) The EUIjA defines "Virtual Goods
" as unlockable
Once it is established that transactions involving virtual goods
See also Andrea Vanina Arias, "Life, Liberty, and the Pursuit of Swords and Armor: Regulating the Theft of Virtual Goods
" (2008) 57:5 Emory LJ 1301 at 1304, where the author argues that in the United States, theft of virtual goods
should be prosecuted under current theft penal statutes.
* Sales of virtual goods
(nonphysical items such as virtual clothing or gifts to be used online) are called micro-transactions.
Mr Wangerin said: "Figures in 2010 show that virtual goods
are an established market worth $6bn globally.
These avatars were able to enrich people that sell virtual goods
They'll think nothing of sharing the minutiae of their lives online, staying connected to their friends at all times, buying virtual goods
, and owning devices to control all of these activities.
Advertising is the main income stream for Facebook, alongside income from the sale of virtual goods
. One area that is important for social networking sites is performance advertising, a subset of display ads.
The business model of behemoths like Zynga, Playfish and Playdom - responsible for some of the most played games on Facebook - is dependent on the 1% or 2% of players who spend actual money on virtual goods
to improve their game play experience.
, like the $2.50 Halloween costume in the online game Sorority Life, are no more than collections of pixels on a Web page.
The company this month brought the free application to Apple Inc.'s App Store.<p>The application generates advertising revenues under deals with Nokia and others, and also generates revenues from users who pay for so-called "FlirtPoints" that can be used to send other users special messages and virtual goods
. The virtual gifts range from an animation of fireworks exploding to a bottle of champagne or a dozen roses.<p>Flirtomatic CEO Mark Curtis said via e-mail that the application's average revenue per user is $12 a month, based on an average transaction of 50 cents, or 75 FlirtPoints.
All three have achieved something the majority of social networking services across the globe have fallen short of so far: To develop sustainable business models based on diversified revenue streams, combining elements of virtual goods
, advertising sales, paid content, premium subscriptions and affiliates.