So far, it’s signed up 1.3 million members.

$572,005 has been spent in the game in the last 24 hours.

Even Fortune Magazine weighed in recently.

Edward Castronova is the reigning authority on virtual economies. His article Virtual Worlds: A First-Hand Account of Market and Society on the Cyberian Frontier is a fascinating exploration. So exactly how can the Norrath currency trade at a higher market rate than the Yen and the Lira. This construction pushes at the definitions of value and property. Intellectual property on the level music and literature and even ideas has been a challenge to delimit and regulate. Axes made of data and houses painted with pixels are now bought and sold in worlds that are invisible when the power strip is turned off.

On the other hand, the stock market is in some ways a virtual economy – investors have faith in the value of the stock they are buying. Because of banks and brokerages, few of us ever actually see much of our money or investments. Funds transfer and credit cards and checks are manifestations of our faith in the digital fortresses that represent our value.