Virtual Goods Real People

From: Andrew Davis
Length: 06:25

Why are real people paying real money for products that don’t exist? And can this monetize networking sites? Jim Cosco gets to the bottom of it with Brian Balfour, the co-founder of Viximo. Read the full description.

Piece Audio

Playing: Virtual Goods Real People
From: Andrew Davis

Picture_1_small Why are real people paying real money for products that don’t exist? And can this monetize networking sites? Jim Cosco gets to the bottom of it with Brian Balfour, the co-founder of Viximo.

Virtual goods - selling avatars and all sorts of game-oriented trinkets and tokens - is a billion dollar market. This holiday season, maybe you should consider buying your loved one a 'virtual good.'

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Piece Description

Why are real people paying real money for products that don’t exist? And can this monetize networking sites? Jim Cosco gets to the bottom of it with Brian Balfour, the co-founder of Viximo.

Virtual goods - selling avatars and all sorts of game-oriented trinkets and tokens - is a billion dollar market. This holiday season, maybe you should consider buying your loved one a 'virtual good.'

Broadcast History

None

Transcript

Online retail isn't new. Amazon has been doing it since 1995. But a new online retail opportunity is emerging, and a small company in Cambridge Massachusetts is making it all possible.

BYTE ONE

That’s Brian Balfour, Founder of Viximo and yes, he did say "Virtual goods." According to their website, Viximo will help customers set up a virtual economy, complete with virtual currency, all to sell virtual goods…..to real people, for real money.

So, what the hell are virtual goods? Maybe, Brian should keep explaining.

BYTE TWO

So, a quick look at the Viximo website shows you the type of stuff you can buy for your avatar or send to your online girlfriend. An animated diamond ring in a box, for when you want to propose to her, a birthday cake with flickering candles to say happy birthday, or a Celtics basketball that shows the world you have Celtics pride.

It all begs the question...
Read the full transcript