Second Life, Second Act

Can't find a job or make ends meet in the real world? Try the virtual world.

From CNN...

With the recording industry in near-shambles and the recession taking a hit on art of all kinds, some musicians, visual artists and fashion designers have turned to another virtual frontier -- Second Life -- to sell CDs, earn tips, move paintings and grow international followings.

The realm of Second Life -- available free online -- allows users to create avatar versions of themselves. These virtual personas mingle about in a three-dimensional, pixilated world not entirely unlike our own: Second Lifers own digital real estate, go to virtual jobs and attend virtual concerts and art shows.

Second Life avatars purchase goods and services with a currency called Linden Dollars, or L$. They sometimes pay to attend concerts and often tip the performers in the virtual venues. Others buy clothing and hairdos for their online personas.

Linden Dollars can be converted into most of the world's currencies in the same way a foreign traveler might change dollars to Euros. The going rate is about 260 L$ for $1 U.S., according to the Second Life Web site.

A couple years ago had a conversation with a woman who was hired as a consultant with Second Life. Her job was to figure out a solution to a problem that was plaguing Second Life to such an extent that it could lead to Second Life's failure.

The problem? Inflation.

She was helping Second Life devise a mechanism for monetary policy and in essence creating a virtual central bank. It looks like they still haven't whipped inflation.