World Depression Hits Second Life

As a business women, albeit within a virtual world, I have felt luckier than some in the current highly turbulent economic crisis. I have enjoyed some protection from the harshness of the reality in Second Life (TM) as there is a bubble effect from our use of fake Linden dollars as currency (though these can be cashed out as real dollars and some people have made their fortune here).However, in the last weeks our pixel world has finally felt the crushing blow of the global recession and a rapid succession of well known and previously highly profitable stores have floundered and failed, closing down overnight or having a brief sale before vanishing.
Previously this did happen occasionally, more often to smaller less popular stores. Now that the high status, well known feature stores are closing it is shocking to residents and remaining business owners are gritting their teeth (myself among them) and praying that the market will pick up and we won’t be forced into the same crisis. My own store has suffered very badly, despite new stock, spending more on classified ads and other promotional techniques, in fact it’s hit an all time 4 year low. With more places closing, less people here to spend in game because they have gone from bankruptcy: it’s a vicious cycle of less money circulating in the system.
How badly real life businesses must feel when they close! I am having just a brief taste of that with struggling so much within a virtual world, feeling like a failure for not getting customers. Those who do come simply have no money to spend. This defeated feeling is now surely universal, the scenes we see in Greece, Korea, hung parliament in the UK and the civil uprisings in countries that never become internationally newsworthy, and yes even in our online games. Dissatisfaction, panic, and desperation are all around us.

—- MR SL correspondent “Mary Janes”

Posted by Søren Renner on Saturday, May 29, 2010 at 08:06 PM in
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