The new online exchange, Sparter, backed by Bessemer Venture Partners has just grown very popular. I first wrote about this back in February when eBay had halted the sale of virtual goods. This exchange offers visitors the option of buying or selling a large selection of virtual game currency and the process resembles eBay trading. Available on this exchange are currencies from games such as World of Warcraft (WOW), EverQuest, Eve, Maple Story, Guild Wars, Final Fantasy XI, Lineage II, Star Wars Galaxies, Lord of the Rings and more.
“Sparter’s Gamer2Gamer™ exchange brings transparency and equality to what previously was often seen as an underground activity.” *
This type of web business which offers real person to person transactions is gaining popularity in the online gaming world. Currently there are several other large webs selling virtual currency but none that I am aware of which promote P2P buying and selling at ‘market’ prices.
Free market buying and selling adds liquidity to currencies and builds strength into the market over the long term, even the virtual ones. Its important to note that Sparter only works with virtual currency and not any other digital goods that virtual world games may offer.
Sparter’s escrow feature is a great option for buyers. Payment for virtual currency is held until the buyer confirms receipt and the transaction has been completed. Both buyer and seller even have the ability to rate each other after the transaction. Plus, anyone just visiting the web can browse the active listings.
On Sparter, anyone visiting can sign up to buy or sell at current market prices. How does Sparter help to shape market pricing? Their system crawls other retail webs, locating current prices then offers those figures as a comparison for Sparter traders. This service seems to help offer an accurate view of pricing in the marketplace. It seems like a good system.
Currently there is no fee to list an item for sale, but they charge a 10% commission to the seller at the close of their transaction. Its important to understand, Sparter does not set the price for sales (the market does that) and they also do not buy or sell any currency, they act as the transaction agent.
Sparter only allows payment with PayPal but since they are gaining popularity, let us hope in the future they will adopt other payment methods including Webmoney. Webmoney has gained significant popularity with the gaming industry in recent years and is accepted for some popular virtual goods.
These new secondary markets for virtual currency have also sparked discussion about government regulations, taxes and even money laundering. It obvious from their fast growth that the global market for virtual currency is only going to get bigger in the coming years. Next week, June 22nd, Stanford University is even hosting a Virtual Goods Summit.
Are you looking for a new online business? This may be the star to hitch your wagon to….
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