The Economy of Entropia Universe - The Real Cash Video Game
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- Опубликовано: 8 сен 2024
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This is the Entropia Universe, a massively multiplayer online game set in a science fiction universe full of spaceships and fantastic curiosities. It is a game where players can choose from a wide variety of professions to occupy themselves with which in turn builds a diverse and functioning economy.
Entropia universe is worth discussing because of one very small aspect that makes a very big difference. The currency in the Entropia universe can be traded back and forth for real-world money, meaning it is effectively a video game that you play using real-world currency. And it was also an entirely exchangeable digital currency that existed 7 whole years before bitcoin came onto the scene.
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Sources & Citations -
Fleming, J.M., 1962. Domestic financial policies under fixed and under floating exchange rates. Staff Papers, 9(3), pp.369-380.
Stroud, J.R. and Zhou, H., 2019. Monetary Policy in a Fixed Exchange Rate Regime: Structural Vector Autoregressions with Jumps.
Kieger, S., 2010. An exploration of entrepreneurship in massively multiplayer online role-playing games: Second life and Entropia Universe. Journal For Virtual Worlds Research.
Bainbridge, W.S., 2011. Entropia Universe. In The Virtual Future
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the thing you should be looking into second life
I played both games and second life is earned me money and entropia Universe this drains my wallet
Now how about economy of Habbo
_"...and whatever this thing is..."_ ROFL!
Look at the poor economy I took a wise decision on investing in forex/binary options trading and guess what???!I made huge profits using his signals @Dennis__forex09 on instagram help me
@@tabinekoman p
I have literally never heard of this game.
And that is exactly the problem Entropia has since 2001. Lack of advertising and incentives for the current player base to really bring more people to the game and better the in-game economy of the game.
@@kar351 I'm sorry. Did you say 2001?? What? I figured it was released in the last couple of years and hadn't gotten traction yet. But *2001!?*
@@eddebrock Yes. I started late "in the game" gold rush. The game exist since 2000, but it was in development and in alpha stage. In 2004 the game was released to the public (more kinda 2003 i think) and went "gold" version.
Carlos Mendes can I still make money from this game ?
Pay to win.
The fact that there are real life millionaires as a result of their success in this game blows my mind
In entropia?
Or...?
yeah very rare, you have to spend so much money in this game,,,i spent 15 dollars in one day and i realized that his is just a cash grab
there isnt
There are millionaires ( relatively common thing these days ) in every kind of business. As far as EU is concern , I would say that there are less than 5 (individuals) that have made that kind of money through the game. All of these have mainly gone it through land area purchases and development and most of the players were among the first when the game started.
On very serious note , I watched the first 6 minutes of this video in a confused state thinking it's about the economy of Ethiopia.
😂😂😂😂😭😭😭
Hahaga
Why would you watch that?
Best comment I read on a vid all year lmao!
@Syntheon As an Ethiopian I must admit this is truth
Main thing I learned, even when the economy crashes 10PED is 1 USD.
lol put your savings in PED instead!
@@imgoingtoexplode766 But 1 USD is always equal 1 USD - why convert it to something? ;-)
But you would still be subject to USD inflation. Better buy something that covers inflation.
@@icaropereira3218 or get a annual returning investment that is higher then the inflation rate of about 4% i think
@@icaropereira3218 I don't think it works that way, because it is pegged to the dollar, it will still follow the inflation rate of the USD.
after this video: *suddenly there's 100k players playing the game again*
I know I am playing it because of this video xD. The game might suck but the fact that the monetary gain is real makes me still play it because I feel like I'm not waisting my time xD
@@helbrassen4576 any profits? 👀
If your lucky and play for a long time getting the best stuff, then there is most likely a small profit. But there are people who make a living of this game but those people have also invested a lot of real money into it.
@@helbrassen4576 thank you for your feedback!
@@helbrassen4576 and, made any cash in entropia yet?
I started in this game 7 years ago. It's crazy how much the community has grown. This game's economy really works well with the monetization, as long as you are smart.
I used to play this game with the budget of a WoW subscription. I never made my money back, but I also never spent more than than I would have spent on WoW. Had fun. Didn’t lose my savings!
Playing (and loving) it for 14 years and although I'm not agree with everything that was said, I say this is the most decent, the least nonsense-ridden review from an outside observer that I've seen so far.
very true
Agreed
A little heavy on the casino rather than the poker angle in the comparison. But yeah, he doesn't just shit on it over microtransactions like every mmo channel ever.
Have you continued to play? I'm genuinely interested in how things have gone for you.
I still play it but I'm not in it for money, so if you are interested in some, so to say, "economical success", I'm a wrong person to ask. I just enjoy the community, the real cash economy makes everything more real, mature, it makes people act like real persons (for better or worse) and not some avatars. @@jakejutras5420
I have loads of memories from this game back in 2004 to 2008 when i played it. Seeing it now it changed so much. Back then i lived on playing it through trading and high level hunting with my society but im happy i cashed out when i did. Kinda fun see Mindark still producing this game, strong nostalgia vibes!
Amount of time Economics Explained made it without mentioning Norway:
1:07
do this for every video he uploads
I remember playing PE in the early 2000s. I was constantly doing maths what is most efficient way to hunt :) Sadly tho, i did not ever get the money to get the really efficient gear to turn a consistent profit
Even the best gear returns only 85-90% or so on your investment, this game is gambling, there is no skill based way to get rich playing this, just luck.
@@mrjaz666 exactly the conclusion i came to as well
@Emma Rodriguez I did not say i knew all. Only my experience, i spent only couple months with PE.
The idea of real money is EXCELLENT - but i had other interests at the time and really did not have the funds to invest to more efficient gear etc., as you need to spend some to learn the ropes etc.
You still play the game?
@@mrjaz666 Luck and selling services.
I been playing this game since 2004. I have put 400 USD into game and taken out 600. It took me ten years to make my first 100.....yes you might make pennies and yes it's real money. But you still need a real life
The game was rigged from the start
Explain how someone can become a milionarie, as sayid in this video
Buddy, you might want to look into axie infinity.. loads of money to make from that game
@@sguitas with a whole lot of luck
Wait this game is real? I always thought it was just a virus ad trying to get me to click on it while I was looking at mods on the Nexus.
Yeah. That's how I found it years ago too. Now I've doubled up on my deposits, but counting my time I'd have made $10 a month. The game is fun enough that I don't mind wasting my time on it, but I'm not getting rich.
once you get a HOF drop youre hooked
As someone who's played the game on and off for a very long time, there are a few very important factoids people should consider before they even entertain the idea of playing.
1. The vast majority of players who have been successful in this game - especially hunters - are those who joined very early on, when the game was called Project Entropia.
These players (NEVERDIE and Faustian are the first two that come to mind) had the opportunity to acquire items that are lottery-level implausible to acquire now.
2. People who joined early also had the opportunity to accumulate MANY skills in the game that are absolute mandatory to be proficient at using "Unlimited" items; items that are repairable.
3. Withdrawing money from the game is quite a lengthy process. It's not as simple as transferring funds from the game to your bank account - although this could have changed, it's been awhile.
All that said, the game can be quite a lot of fun. Just remember that you're probably going to lose every penny you put into the slot 😉
IMO this is one of your best videos yet! You managed to catch our attention by making the video about a video game, something most people here I guess have a lot of contact with and which is kinda unexplored by economic theory, and used this to explain chinese currency manipulation.
There are RuneScape players who have made hundreds of thousands of dollars and have made large companies around not only buying and selling RuneScape Gold Point's, but even gambling rs gp. Osrs gp is actually the currency preferred in jail because they can just have guards smuggle in phones and if they get caught with the phone they don't loose the rsgp they just loose the phone and then need to get another one smuggled in
Is this actually common? Why osrs gp as opposed to another game like entropia where RWT isn't bannable in game? Or just bitcoin...
@@flatbg1 Yes, in the OSRS community the common joke is that the entire Venezuela economy depends on the osrs gp market - so yes. People have discords, websites etc.
I used to play second life a decade ago and was friends with a woman who made a living making clothing for the characters.
Nihon Rebooted 2nd life still around?
@@LindyKnight Yep kicking and living
Lol, we made a game inside of 2nd life that made us $40k USD a month. Greatest "job" I ever had. I really miss both of these games. :/
@@smode983 what was the game? How did you manage to make 40k a month?
my partner makes beer money from this exact thing its not alot but its still money
Take a shot every time 1 usd = 10 PED shows up on the screen.
3 minutes in and smashed
I ate a chip instead and now I'm fat.
I am out of ammo. :(
Settle down satan
How did we end up on the same video???? Wassup dude!
As a current PE player I'm glad someone is talking about it. It's pretty interesting
I read a book called “Ready Player One” in which the premise was people lived irl to make money but spent it in game. The game life was normal life and real life was just a money making thing.
you should also check out the movie made from the book
@@on4sax The movie is trash
You realize that's one of the most popular sci-fi books and movies. Spielberg Directed the movie.
@@anirudhvijayaraman4588 trash
@@zli2760 What? I read the book before the movie also
Not gonna lie, the amount I learned about economics from runescape is amazing. From local sales to global markers and even supply and demand. To long holds or even short holds on investments. Honestly the only thing I didn't learn much about is taxes. (Even though now there is a tax in the game for the duel arena.)
With automation and A.I becoming ever more widespread and jobs becoming more scarce. I wonder if we will all become gamers for a living.
well i thought the same as u too . i sometime imagined a world where the job has been replace by robots that people get by playing/streaming game or simply just selling currency through asian channel
It will become a bigger industry than now but I don’t think it’s likely that everyone will and would want to work in gaming. High skilled jobs such as programmers and artistic professions will become way more important too.
yea but i mean most of the people who lost their job to ai is unskilled and is just a minimum wage worker soo gaming fits them
@@dasasian6799 lol that depends on the game
@@ob1934 well not necessarily a game maybe a platform like youtube or somethin
Could you hide profits from an irl business into this game to evade taxes?
Asking for a friend.
I guess you open a company, and make it look like it wants to create a competitive game to Entropia Universe.
Then you start playing Entropia Universe…cough cough…I mean doing market research, that can end up costing you, and then you…cough…cough…lose them, and somebody else, who is definitely not your uncle cashes your lost money :)
@@DavidSergey the more coughs, the legal-er it becomes
@@kitkat47chrysalis95 cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough cough
We have done it guys! crime is no more.
@@diablo.the.cheater coughs in iligealism
Yeah, mark it as a key employer "addicted" to the game and looses the entire profit you got from your company
And then magically somewhere in bermuda island, a company named "totally not a shell" got some money through in game exchange that is accidentally has the same value as your profit.
Enjoy your new luxury life.
The Opposite of GTA
GTA has to much Russian billionaires like in real life and those billionaires cheated the same way the real life Russian billionaires did lol.
In gta the irl millionaires turn into irl NEETs
Cold Drunk Indian what about me?
Because GTA has no economy at all, or at least only small personal economy bubbles within each player. It's not like you can directly affect the supply of an item, it's not like the businesses there (the legal kind) contribute to the gdp of presumably the US of A in GTA.
@Cold Drunk Indian I wouldn't say that's true, especially these days with the inflation being so high. It's quite literally only a matter of time before tomorrow's multi millionaire becomes of the same monetary value as tomorrow's billionaire.
Would love to see a video about Romania's economy one day i hope
Dont worry I plan to do every nation on earth eventually :)
@@EconomicsExplained Nice thanks for the reply :D
Economics Explained so... Economy of East Timor?
It’s less interesting than the economy of some nerdy video game
Yea has Pakistan's economy been explained
there is no channel that I love more than this one. You're great man
Cheers bro, always really nice here :)
I personally love this game.
Just don't put in more than you are willing to and find a level of play you are most comfortable with.
I remember playing this game with no money,
Grinding collecting sweat from animals and when you collect enough sweat selling it to a vendor and buying your first set of hunting gear and going on your first hunt.
Or going on your first beacon and actually clearing the ship.
This game was great back when I was 12.
Could you do a video on the economy of Ireland? I've always been fascinated how a country that was once one of the poorest in the world and largest exporter of immigrants to the US during the early 1900s; became one of the richest countries in the world with the world's 3rd highest national human development index.
Played this game when it was called project entropia, farming sweat for hours and hours to get a few pec, die to a trex every 5 minutes.
yeah, it scars a person xD
Imagine something exactly like this in VR/AR. Cannot wait for the real Oasis.
The movie did not do enough justice to the book. It was still one of the better book adaptations I've seen
Eddy Ram it felt rushed, I guess it kinda was. In comparison to the book that is
Me n u both
The book was a great read and was the first book in many years to hold me from start to finish.
Neos has a currency which can be transferred to a form of cryptocurrency and that crypto can be transferred to usd
Speel ook in Entropia sinds maart 2007, is niet alleen leuk voor de economie maar ook voor de vrienden die je wereldwijd maakt ! Best Game ever ❤️
"Oh thank goodness a video game economy video, no way EE is going to mention Norway again here!"
*Literally mentions it in the first 2 minutes*
Holy shit. This game still exists? I played it back when it was project entropia when it first launched. made about $15k off of it when I cashed out. Haven't even heard it mentioned in the last decade or so, so I figured it finally went under long ago
Awesome video! If you ever have any questions about the game or anything feel free to reach out. I do a good bit of Entropia centric content 😊
you are one of the success stories. you deposited nothing and now get a decent weekly passive income that allows you to play for free. Good Job dude.
Yeah, Cereal runs a society in game too. A bunch of us smaller youtubers are also a part of it.
Lorespade Thanks 😊
Discovered this vid way too late. I played PE in college way back in the open beta and early release. I was making about $6/hour, pretty good for a video game, but not worth giving up school for. Cashed out for $1500 when the company broke the money printer I was using. Kind of wish I'd stuck with it now, cause that old gear was overpowered vs newer stuff and is worth a fortune, not to mention being in there early enough to maybe get in on the land deals. It was never the most fun mmo, far from it, but then again, most mmos can't pay you to play either.
To be clear, based on what I've read, I'd never return to it now, the expenditures sound insane. But I have some nostalgia for it and it was good money for a bored student in 2002.
This channel makes me wish I had an Australian accent. It just sonds so relatable and charming.
There's plenty of terrible Aussie accents too. It's actually just that the narrator is articulate and charming. You can do the same in your own accent.
President Togekiss go to western Sydney, you will hear the real Australian accent😂
Hi guys I’m an entropia player who hasn’t deposited anything in the game and I’ve made 100 usd from trading and sweating this game is really fun and everyone should play
agree...but todays kids...they think they're something, but reality would show them pretty soon where they are
Can you do Austria next time? We're the 4th richest country in the EU by GDP p.c. and we have the 11th most tourists in the world. Our economy is also quite interesting. We have a lot of small and mid-sized companies that are leading the world market in niches. Besides Red Bull and Swarovski we dont really have an Apple or a VW. But we have someone who makes the best sensors or chips or transistors or stuff for the ISS, niches like that.
Would appreciate it =)
Been playing this game for a while and I can safely say that it is my favourite game of all time.
RUclips suggestion: "Entropia Universe Players Starting in 2020 Should Do This NOW"
ABSOLUTELY not suspicious...
The most I've made on a game was about 7,000 selling in game currency when I was 16 lol. Darke Ages of Camelot. I told my grandfather I was going to get a check in the mail and he just thought I was nuts, then 7 days later bam 330.00 dollars. I did infact say to him "your boomer mind never thinks outside the box. And he still around hating on tech to this day, love him. 🤣🤣
I saw the title and thought “Entropia is still a game?”
I saw this .... and thought, I love the smell of loot in the morning"
It was never a game. It was always gambling. Fun for sure, but definitely gambling.
@@Richard_AKL gambling is a game for ppl with money
Its an undercover casino mate, as it has ever been. The one that pays out 100% if you manage to win, not based in some taxhaven which can refuse to pay.
I own a land area there and trust me, still going strong as it ever was.
slot machine 3D games
As someone who played this game, the time when you could of made a solid income from this game long passed, but it is a brilliant concept just wished it had more popularity, anything outside of only owning assets nets you in huge losses now and the game itself isn't that good gameplay wise for an RPG so it's not that good anymore.
It's still very possible, you just need to know your stuff
@@juanignaciobentancourt7997 juan yes everything is theoretical possible. but the chances of one achieving this success is far to low.The effort you need to put into the game to achieve this success is way to high .same effort if put into some other investing activity will return a far better return e.g. learning stocks or building a profitable website ( not the best example)
@@MrLiquidxIce I am not saying achivieing millions, I am saying that constant profit as dab dab goose said, is very possible, and of course the more you invest the more you get back
Dab Dab Goose I have to disagree. I’ve played the game for 14 yrs and I don’t think there’s been a better time to make money in game. Of course you have to be willing to invest the time and money and most importantly, treat it like a business. Personally, I never wanted to take the fun out of it so I will keep playing at my casino 🎰
Case study of income inequality and ingame social mobility xD
I tried Entropia about 10 years ago looking for a new Sci FI game. I never really got into it but it lead me into Second life which I did get into in a big way.
It can't really be a "pegged" currency because it's tied to the US dollar which ISN'T pegged, so it's value does still fluctuate. Just only by how valuable the dollar is
It's funny to me how, when EE spoke on this topic, which is arguably quite controversial, everyone celebrated him. When, three years later, he released another controversial video, everyone was too busy yelling at him about how 'he couldn't possibly be right'.
Amazing how things change.
I've never heard of this game and this was a really interesting video.
I've played games my entire life and I've never heard of this game. I've heard of Eve but I found out about this like 30 minutes ago from a top 10 of most expensive in game items sold.
I have actually made money from eve i used to sell plex,s on ebay.
@@paulc4660 lol I used to have a friend who bought an account for $350 off eBay and did mining all day. Lmk if ToyotaCarolla is still in the game.
Played it for a while at launch like 20 years ago. It was grinding for pennies then and its grinding for pennies now.
But the real question is. Is the grinding fun.
@@tarnyowl6068 Newp
If you love spreadsheeting for a game, this can be worthwhile. if you are disciplined you can stretch out your funds to last awhile. if you don't play crazy 'eco' you basically are at a huge loss, unless you get a lucky drop to cover your losses. i'm out of the loop now but i think it was said it's like 90-95% return when mining/hunting, assuming you have the right skill (skills cost a lot too, either from grinding or buying it from auction), the right mob, the right gear. you can almost stay afloat until you hit lucky down the road.
if you have disposable income then you can treat it as just a fun game to burn some cash in hops of a big drop but even the big players try to play eco on an uber-scale inbetween events.
You basically can't get rich from the system, just like casinos (exception to professional players) but you can get actual gains from other players, either through services, being a reseller or putting enough money in bigger investments, i.e deeds
Golden era of P.E. is long gone imo, but it's probably improved to be able to stretch your dollar out for longer gaming sessions and actually be able to play in the game lol
Was fun.
Pls do a video on export led industrialization policies of tiger economies like south korea,Taiwan,Singapore, Hong Kong in the 50s and 60s
Been playing this game for years and I love it !
Sure the game has its issues but the real money aspect of it makes it so much more interesting and adding depth for the that I still havnt found in another game.
Dont making huge money here but like 1-2k usd per year pure profit if not counting skillgains.
I was online in the game when Neverdie bought that asteroid in 2005. I met Buzz Erik Lightyear in PE many times.
Wow
you could buy an asteroid in this game? that’s crazy lol
@@DracoVP You could buy even more expensive stuff.
The population is so damn small youd meet them everyday at CND running max amp bombs like it was nothing .. then buzz bought cp and cnd sold and mining/one-armed-bandit-life seemed to become even more lonely lol
@@roampro I was not online in PE for last 5 years or bit more. Is it worth to install again?
Not gonna lie; I consider myself an avid gamer but had never heard of this game until it was mentioned in some top 10 video. Thanks for covering this!
Top 10 most expensive virtual items? Or something similar
@@theweakbeast7833 Yeah, and the numbers on those are even low right now. Planet calypso is often listed at 6 mil, while the current market places it around 25 mil
Ah, yes. The good old sweating-circles, port-runs, and death-grinding. This game is... Unique.
I played this game when it was just a project. The thing they dont tell you is its a hardcore game when you need to use skills for a stupid amount of time to be efficient in them to get a decent profit when mining, hunting or crafting. I made a little profit in the game but unfortunately my money is stuck in it because it hard to transfer to my bank account here in Australia because it's a diffrent system to what they use. Was a fun game had a blast but was slow with decent content updates.
Please do a video on the economies and the economics of Elite:Dangerous!
To be fair, currency cannot be exchanged between players, so there's not much to be told there..
There's no real economy in Elite since all transactions are done with the NPCs, you can mine for a few hours and make billions and buy every ship in the game within a week of semi casual play. Even if you take the super slow route like I did, and only make your money exploring, you make millions on any given trip.
On top of that, you could use your time to develop the economy in a system to your favor, only to have someone else come in wreck it in seconds, or the thargoids come in and start a lockdown lol.
I guess im one of the few people that made some nice profit from entropia universe? They started selling "Calypso land deeds" which were 100 usd back when they came out in 2011. Today they are worth 240 usd and still growing in price each year:) But overall its a nice game that i coming back to from time to time to shoot some monsters and relax :)
Entropia is still a thing? I played this game back in the days, looks I've been missing out
New investment opportunities. Arkadia moon deeds and crystal palace shares (own your piece of uber hunting land)
yeah u have been. there are shares of land you can buy now. $200 for Calypso Land Deeds, about $7 for Arkadia Underground deeds, $6 for Arkadia moon deeds, And under $2 for Crystal Palace Shares. All of these give passive income.
@@Lorespade you went and covered the full spread. I was just teasing the new stuff. To be fair we should mention compet deeds were an abject failure. There is risk in investing.
I had a few calypso land deeds back in 2016. I wonder how much they generated during my absence.
Used to play Entropia Universe (Then Project Entropia) It was pretty awesome but i was too young to put money in the game. Managed to get between 100 and 150 PED through sweating and trading though!
Cashing out is a 3 month wait while they review your gameplay. Also I’ve spent 2000 euro + on this game. The main player database are 10 year long og’s and they won’t like certain players as I was one and I’m also a mentor in this game and it costs about 750 smashing through it. My gun at I think I was around level 30+ cost around 50 cent to €1 per shot and that gun if I remember correctly cost me around €50 in exchange. Your gun to vehicle to your armor will all deteriorate and costs vary to repair it. My armor cost over €110 in exchange at my level ps some things cost if I remember correctly €1-€10 to repair....now for land deeds yeah haha they cost a lot and you need 10-100 for owning land in this game for earning properly also the taxi for warping to other planets costs around 500€ in exchange yeah 50000 ped. Your skills are very important I used to sleep while creating shit at the counter as you need to level up to use higher level blueprints and at level 4 is where you make nice earnings and it costs hundreds to get there and starts to cost hundreds to use per night same with mining equipment ... overall land to rent at least €10000 for an outpost on your land that cost €5000 and knowing users they got minimal returns per day. Same prices occur for making money with everything else.
Holy shit, can't believe this game is still going. Played after school back in 05 or 06. Didn't think I would ever hear about it again.
Damn time to start playing this. Grinding till I make millions.
Not gonna happen. You LOSE more money than you earn when grinding.
@@user-jt3fg5td2t Not always true, if you play smart, you can slowly earn,.. if you reinvest, you can earn faster
Never heard of this game until now and from what I could find researching online there isn't many people playing it anymore. I read a forums post from 2018 that had a list of active players (can't be 100% on it's accuracy) and as time went on the game had less and less active players. I would assume that it's dropped even further now.
Do one for decntraland, it is a crypto virtual land asset.
I played Project Entropia around 2004, the only thing that didn't require any money to do was something called "sweating", and you could sell this "sweat" for about 6-7 cents (PED cents, that's 0.06 PED), but it took hours and hours and was really boring, (come to think about it, I have no idea why I played this game).
Anyways my friend organized all the "sweaters" to go on a sort of strike, and we all refused to sell for less than 10 cents, it took about two weeks till the market accepted it and suddenly we were raking in cash, because of the scarcity we created the price went as high as 13 cents per sweat. A week later an update came out that made sweating much easier and the price of sweat dropped to 2-3 cents.
While the price was high, I made enough to get into the "reselling" business, which is just going around and buying sweat, or ores or anything in the field where they were found, and selling them in the city.
Eventually I got enough (around 5 PED!) to buy a cheap pistol and start hunting, and some basic mining equipment, after a few weeks my lucky day came around, and I got a jackpot of 136 PED while mining. Finally I could achieve my dream to be one of those badass hunters who walk around all day in cool armor.
I carefully planned what equipment to buy, what to hunt, and where, and got to work. Quickly discovered that hunting doesn't pay, switched back to mining, after a few days of constantly spending money on repairs and fuel and making pennies, I realized what the business model of the game was, and I was back to square zero.
All in all it was a very enjoyable and educational experience for 14 year old me...
Is it just me or is that waterfall at 14:07 flowing backwards....
Cool video. There is so much potential in that game that it's ridiculous to see that they haven't been able to do better.
I am working on an MMORPG to kickstart this summer that will have a real cash exchange rate for items/currency in game. My economy is inspired by entropia when it comes down to purchasing and leasing land to gain a profit as well as item farming in extremely hard areas to sell in main city trade markets. (This is meant to be a game for the players who play many hours a day as well as people in countries that make little to no money to be able to gain a profit from spending their time playing the game.)
I love this video and would love to hear from you guys on how to keep my currency from getting inflated as well as what needs a price and what does not.
I will be posting my DEV log starting February speaking about economy/itemization/level design and more. So please give me some constructive criticism on what you guys think could keep an economy stable for a game like mine which will have Diablo 2 Itemization with action combat and economy driven game like Black desert online.
Also I will not be doing AH but more the route towards central trade hubs in main cities as well as caravans.
@economicsexplained I would love to hear from you about this. Sorry for advertising on your channel but I feel like you and your followers could give me the best opinions.
I play Entropia since 1 of july 2007... it started in 2004 for rela money !!! i depozited like 10k€ in 10 years and earned like 43k € in these years of playing...
Nice.
you're nice!
@@EconomicsExplained Thank you for these awesome topics EE ! 👍
Entrophia is an ironically appropriate name for it.
"Second Life" next? :)
I played Entropia Online in about 2004-2005. I am amazed anything related to Entropia is still around. I guess World of Warcraft is as well.
I would be very interested in seeing a video on the economy of Pakistan.
@@markmonoton6224 The 15th largest economy of Asia by GDP.
@@markmonoton6224 Considering that the nation is recovering from 20+years of instability, warfare, corruption and political unrest it is quite remarkable that we still have something
@@markmonoton6224 You are horrible being
@@markmonoton6224 After WWII USA invested a lot of money in Japan to cause an economic boom. China is a massive country with sheer human and natural resources and there is no doubt that the rebuilding of Vietnam is miraculous but it must be considered that they are situated in the a good geopolitical location and don't have neighbors like India and Afghanistan.
As for the GDP per capita no one is denying that the economy is underdeveloped and needs reform for revival.
I like this video as casts some the light onto how the Entropia Universe functions. However, I don't understand the comparison made between EU and China , China doesn't have a pegged currency rate ( they manipulate their economy but it is not pegged to another currency ?) unlike some Gulf state like UAE & Kuwait who have a fixed the USD.
Also, idea that 'Mindark' needs to manage reserves in various currencies is just not true, the PED (game currency) being pegged to USD means they only have to worry about the USD value to SEK ( Swedish operating costs ). All the transaction into and out of the game are done through USD ; players picking up the exchange rate fees ( 3% +) .
They do however have hold a reserve of + or equal to the total of player held PED in game + the wholesale value player held items ; in 2018 this was 112.1 Million PED ( 11.21 Million USD ) , just in case everyone sells up and wants 'their' USD back !
Equally, withdrawals from the game ( PED back to real USD) normally take 60-90 day to complete again with a fee (min withdrawal value $100 USD ), this is not that that rare to avoid credit card fraud .
Having some experience playing the game(10 + years ), I would say it mainly functions like a traditional casino , for 99.99% 'You pays your money and takes your chance' but this is main draw for new players ( hence the high turn over of players ). This promotional material and videos focus the possibilities of getting rich with large loot drops etc , obviously it fails to mention that is very rare and the large loot payout are funded from all the other players losses. It make it clear, I have always 'paid to play' and see it as paid entertainment like a cinema , casino trip or would cruise . The clever business mode here they use it allow to spend as little ( none) or much as you want ( even if you can't afford it) You only have to look into company's financially report to see it is profitable.
China is about as close as pegged as you can get without being a former territory of a euro power. Most of those are literally pegged to the euro, the pound, or yes the USD. I would have compared them to an actual peg like bermuda.
Ah yes, Project Entropia. The game that for a simple fee of about $100 taught me many valuable lessons about how to not spend my money. Virtually inoculated against micro transactions and online pyramid schemes etc.
Very nice video, as a plyer myself i think u did a nice job, but there are more ways to earn a decent and steady amount of ped in entropia, if u can think of something people might wanne pay for u can make a business, there are healers, traders, advertisers, taxis, and much more :) i for one am a tailor and i aspire to open a museum in the game someday (yes, there is art to be found made by real life artists) as i said many things to do, it's like an extra life if u want it to be :)
The waterfall is flowing UPWARDS at 14:07 .......
XD
@@Khorvalar Mindark do graphics in a very... ah... "special" way
Welcome to Australia
This would be a neat business model (with some tweaking ofc) for future games to try out. It could be revolutionary if there were small transaction taxes that went towards charities or something.
haven't you heard of blockchain games? they use cryptocurrency and are like this already. its just beginning
i really like your idea of charities and taxes. i was thinking of how spending hours on a game could help the world and not be just a way to make money
Don't get your hopes up guys, usually you earn PED in fractions. Like 0.0001 or something lol
I was about to dive into the game real quick but then I saw your comment😂😂
Hani's Pawn Imagine being motivated to do something and seeing one comment out of thousands that discourages you from it... I wonder what type of opportunities you have missed out on with this type of attitude
MajorKee what’s wrong with you lol
@@majorkee3001 just because im missing things on the internet doesnt mean its the same in real life lol. Also,Dont talk about attitude if you are the kind of dude that judges others because of their comments. Lmao
Hani's Pawn but this whole video was about making money in real life from this video game on the internet, so you could’ve missed out on a real life opportunity but you will never know because you let one negative comment from a random person stop you. Maybe your defensiveness about my comment should tell you something. I am not being rude I am being factual. When I was starting my business I read several articles online that could’ve discouraged me from ever trying, thank god I didn’t do that. I was trying to teach you a positive lesson. Maybe I’m taking it too deep but you’ll never know if you could be making money from this game had you not listened to this guys comment.
I'd love to see a video dismantling the broken window "fallacy". Everyone loves to quote this fallacy too shoot down ideas of creating jobs because they don't understand that creating jobs is not only about creating wealth. It can be a form of economic stimulus that also prepares a workforce for a time when the will be useful wealth creating work to be done.
It's a shame these market-oriented MMOs can be so difficult to get into. I tried EVE Online and it just wasn't for me. I'm about to try Entropia Universe cuz although I'm somewhat aware of it, I didn't know of this whole real-currency shenanigan. I'm almost certain I won't enjoy the game itself, but I gotta see for myself!
9:22 That's right, it costs more to harvest than the finished product!
Best game ever!
@@BahbSilunt Muahahaha
Literally never heard of it until just now. :))
you should checkout runescape, venezualans play it to supplement their income cuz they can make more in that game than irl. personally my account is worth thousands atm.
Ur rich?
@@LindyKnight yup
is it legal to sell stuff in the game for real money? and do you just sell assets or in-game currency as well?
I am quite sure this too shall go the way of Second Life. People grow up and the younger folks hate playing games their parents played...
People still play Entropia? I haven't heard that name in years.
...playing as never before...I've returned in after 10y...best game ever!. in total for 13y I spend $600 and with just one Hof I'll be equalized with investment. But, real game and earnings starts after Lvl 45
That's a very realistic view of the game, congratulations.
You should be a reviewer
I know you’ve already done the economy of Eve and I have never played it but the economic of financing and constructing an Upwell Palatine Keep Star has always interested me. Please consider doing something about it.
Going through the comments section, I notice a great deal of unhappiness deriving from disappointed gamers who probably didn't get to earn a million dollars the minute they stepped into the game. Boo-hoo. It takes some time to learn the intricacies of its economy; 3 years in my case, until I reached a place in which I no longer need to deposit to play. heavens, I even started my own RUclips channel (in Spanish, sorry) where I try to help newbie players getting acquainted of what's possible while playing.
played this years ago before I turned 18. was relatively fun, massive skill tree and gives eve a run for its money in how long it takes to level skills. Think I spent $80USD and made $40USD back over 3 months of casual play. I'd love to see them update the game to a more modern engine but as it is its incredibly dated. Its hard to really form an opinion on the morality of its monetization considering there really arent many if any mmos out there that have a static 2 way exchange rate. I'd be open to seeing more games out there that did so we could have more comparisons and perhaps some solid games too depending on who developed them and how they handled the economy.
Economy of france pls
if this game existed without the real money par of it i would still play it, it sounds cool.
How would that look on your tax returns? Lol.
Interesting! I would add that content makers in Second Life make good money as well, via virtual goods and services. Profiled many of them in my Drax Files World Makers series