Sony launches online auctions for "EverQuest"

LOS ANGELES - Sony today embraced the long-unofficial market for selling virtual video game merchandise for real currency, unveiling an online auction site where players can buy and sell characters and items in games.

Sony Online Entertainment said Station Exchange would launch in June and will initially service the market for items and characters from the game "EverQuest II."

Edward Castronova, an associate professor at Indiana University who studies video game economics, has estimated that people spend as much as US$800 million a year in hard currency buying virtual items from other players to use in games.

Sony estimated its games "EverQuest" and "EverQuest II" accounted for 20 per cent of those sales, which mostly take place in private transactions and on existing auction sites. For example, on Wednesday morning, players could buy 100 virtual gold "EverQuest II" pieces for US$22.99 (NZ$31.60) on eBay.

Items put up for auction on Station Exchange, Sony said, will be removed from the games in which they are used and put on a secure server. Sony also said it will not be selling items itself on the service.

- REUTERS