The Weblo Virtual World is outlined in this piece that describes how virtual properties like the virtual cities of Karachi, Lahore and Islamabad are owned as websites.  Members join the virtual world to buy virtual cities and make money from their virtual property with internet advertising and virtual property sales.
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Islamabad for sale: 'Weblo' Reaches Town

Islamabad Lahore and Karachi are latest cities in Pakistan to sell for real money as members race to accumulate cities at Weblo.com.

The new virtual mayros purchased these cities at Weblo.com. They mayors earn real money from virtual property sales and internet advertising within their virtual cities.

"It's like Monopoly on steroids. Every property, city and state from the real world is for sale at Weblo.com," says Rafaqat Mirza, CEO and co-founder of Weblo.com. "This is social networking with commerce, where members finally get paid for their popularity.

Before Weblo.com only website founders and shareholders profited." Weblo is a parallel universe that is the only virtual world based on the real world. Members own and manage websites that are virtual replicas of real cities, states, properties, domains and celebrities. Members earn real money via hits, Internet ads and by selling or auctioning assets for a profit.