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Home > Capital Markets White Papers > Capitalizing on Social Media Financial Transactions

Capital Markets White Papers

Capitalizing on Social Media Financial Transactions

Saku Oikarinen, Global Intelligence Alliance

Introduction

The size of financial transactions online is also increasing. In December 2009, a user of Entropia Universe’s game bought a virtual Crystal Palace Space Station for US$330,000. This property currently holds the Guinness Record for the most expensive virtual world object.

Social network users and social gaming players are becoming more comfortable paying for virtual goods, and there is without a doubt, a need for convenient and secure micropayment transactions made in virtual or real currencies.

Just take a look at the variety of financial transactions conducted over social media and social games today:

  • Purchase of virtual goods e.g. Entropia Universe, Second Life, World of Warcraft, Facebook, QQ

  • Purchase of physical goods e.g. Facebook

  • Social lending e.g. Kiva, Prosper, Lending Club, Virgin Money USA

  • Donations e.g. Facebook, Twitter

  • Online dating services e.g. Zoosk

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White Paper details

Original publication date:
July 9, 2010
URL:
www.globalintelligence.com
Copyright:
© 2011 Global Intelligence Alliance. All rights reserved.

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