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Reporter: Bambi Francisco - Vator.TV
Tags:, Virtual World,, social network, virtual goods, metaphysical economy is a site where a metaphysical economy is emerging. Will it end up being like Wallop, a company that enabled commerce from the onset, but eventually redirected itself by building a social network? In this Vator Box, we give our take on vertical programming and virtual worlds.

Metaphysical economies
Weblo, a company that appears to be making a killing selling virtual goods, based on real-life assets – like cities, monuments and even people. On Weblo, people can buy and sell land, or take government positions and be paid for each person who becomes a citizen. Members can even trade movie stars. And, members can make real money trading these assets. The smart move that Weblo made was to establish a "synthetic limitation" to create value in the assets traded, Ezra pointed out. For instance, there can only be one Eiffel Tower sold, or one California to be the governor of. On virtual worlds, assets are almost worthless if they can be created with no real value assigned to them. Weblo's assets, therefore, do have value.

But importantly, they're only as valuable as the community. And, there are many other virtual communities out there already.

Weblo is one of the many companies enabling metaphysical economies across the Internet, from Second Life, Gaia, There and Cyworld. Powering such virtual worlds can be big business. Back in 2006, Cyworld, the Korean social network that lets members use acorns to buy virtual goods, saw $300,000 of goods traded on its platform per day. But, again - community is key. The reason that people buy on Cyworld is because they're committed to that community, Scott pointed out.

Scott suggested that Weblo build a game as the basis for the community and use the trading of goods as an asset on top of that community. The three of us agreed that the trading on Weblo will depend on the community established there first. Weblo has to make its platform a reality to its members and establish a reason for members to buy into that reality. 

As always, I can't give away our entire discussion. You'll have to watch for more insights Ezra and Scott share. We also welcome comments or rebuttals to our analysis of DadLabs and Weblo. Remember, we're not experts. We're just hoping to start a dialogue.

And, if you'd like to be discussed on Vator Box, or if you'd like to nominate a company to be discussed, just leave a comment.