Starting with just $10 and a strong will to make money, Anshe Chung took advantage of the rapidly growing vrtual community on Second Life – and turned into the first milionaire on this online virtual community in just 30 months. Her strategy included buying virtual land in large chunks, doing it up, and then selling it in parts to other Second Life residents and visitors. She also makes 3D virtual digital clothes and virtual goods for other visitors (avatars) on Second Life who buy them (note: unlike in the real world, once you make a master version of the digital costume/show/body part etc., you can keep selling copies over and over again with absolutely zero repeating cost of production).
Important Lesson: Read the stories written about her on blogs and in magazines, and pay close heed to the comments posted by others, to learn more about how she did it and others are making money in Second Life.
There are quite a few others who are using various clever techniques to make money on Second Life – from creating and sellng virtual goods, virtual animated moves for avatars, creating gambling macines (now illegal), buying and selling land, creating 3D houses and buildings, creating and trading in an online stock market, setting up virtual banks (trading in online Linden Dollars official currency), creatinoffering online cyber sex, selling virtual sex toys and even selling virtual private parts! If you are interested and if you are good at creating 3D models (with software such as Maya or 3D max) then you culd give this a shot. However, before investing much time, please visit SecondLife.com and download their software (its free). then logon and experience the virtual world for atleast a couple of weeks on a regular basis and see exactly how people are doing business onine.
- Read this Business Week Report and the comments posted
- Search Google for other similar articles and blogs on how people are making money inside Second Life
- Download Second Life free client software, and experience it for atleast 2 weeks for about 30 minutes a day, taking notes.
- Talk to people doing business online in Second Life and get tips from them (if they are willing to share it).
- Decide how much you would be willing to invest and what business strategy you would be interested in delving into.
- Ask yourself how much time you would put aside to grow your Second Life venture, on a daily basis – and stick to it.
Some of you could even cleverly use Second Life to find and attract new community members to your blog or website – by conducting open online live virtual seminars for free, for anyone to attend and participate in. Many large corporations are actively using Second Life as a platform for branding their services and products.
Now, here’s the full Press Release on Anshe Chung’s website…
Anshe Chung Becomes First Virtual World Millionaire
Parlays $10 investment into million dollar corporation in 30 months
Plush City @ Second Life and Wuhan, China @ Real Life 26-Nov-2006Anshe Chung has become the first online personality to achieve a net worth exceeding one million US dollars from profits entirely earned inside a virtual world.Recently featured on the cover of Business Week Magazine, Anshe Chung is a resident in the virtual world Second Life. Inside Second Life, Anshe buys and develops virtual real-estate in an official currency, known as Linden Dollars, which is convertible to US Dollars. There is also a liquid market in virtual real estate, making it possible to assess the value of her total holdings using publicly available statistics.The fortune Anshe Chung commands in Second Life includes virtual real estate that is equivalent to 36 square kilometers of land â€“ this property is supported by 550 servers or land “simulators”. In addition to her virtual real estate holdings, Anshe has “cash” holdings of several million Linden Dollars, several virtual shopping malls, virtual store chains, and she has established several virtual brands in Second Life. She also has significant virtual stock market investments in Second Life companies.Anshe Chung’s achievement is all the more remarkable because the fortune was developed over a period of two and a half years from an initial investment of $9.95 for a Second Life account by Anshe’s creator, Ailin Graef. Anshe/Ailin achieved her fortune by beginning with small scale purchases of virtual real estate which she then subdivided and developed with landscaping and themed architectural builds for rental and resale. Her operations have since grown to include the development and sale of properties for large scale real world corporations, and have led to a real life “spin off” corporation called Anshe Chung Studios, which develops immersive 3D environments for applications ranging from education to business conferencing and product prototyping.Ailin Graef was born and raised in Hubei, China, but is currently a citizen of Germany. She runs Anshe Chung Studios with her husband Guntram Graef, who serves as CEO of the company. Anshe Chung Studios has offices in Wuhan, China and is currently seeking to expand its workforce from 25 to 50. (Pictures of the Wuhan offices are available here).
The valuation of the virtual land holdings is based on property value statistics published by Linden Lab and current simulator prices. Based on these statistics a valuation of one million dollars in virtual assets is conservative, and the actual value may be significantly higher.
This estimate only includes the valuation of the avatar Anshe Chung’s virtual assets at current market rates. It does not include the real world assets of Anshe Chung Studios. It also does not include any valuation based on expected revenue, expected profits or any other intangible business equity (such as brand value or good will). It does not include assets owned in other virtual worlds such as IMVU, There or Entropia Universe.
Anshe Chung and Anshe Chung Studios are independent and not affiliated with other entities such as virtual world platform operators or marketing firms. Anshe Chung Studios is fully owned by Anshe Chung’s creator and her partner and has been wholly financed from virtual world profits.
Above all, Anshe Chung stresses the importance of community in her vision of the virtual worlds and work spaces that she and others are pioneering together. Her goal is not merely to build a corporation, but to foster the development and growth of online communities, and to help make the entry of real world corporations into Second Life and other regions of the metaverse as frictionless as possible. It is her philosophy that Second Life is above all a social space, and that corporate entrants that respect the community will be the most successful.
Anshe Chung will be available to answer questions by the media on a press conference in Mengjing @ Second Life scheduled for Tuesday 28th November at 9 am PST. For special media inquiries please contact firstname.lastname@example.org. Please understand that Anshe Chung Studios is in a phase of rapid growth and that ACS will have to prioritize media requests.