WO2007095567A2 - Environnement virtuel comportant des contrats d'obligation entre joueurs - Google Patents

Environnement virtuel comportant des contrats d'obligation entre joueurs Download PDF

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Publication number
WO2007095567A2
WO2007095567A2 PCT/US2007/062119 US2007062119W WO2007095567A2 WO 2007095567 A2 WO2007095567 A2 WO 2007095567A2 US 2007062119 W US2007062119 W US 2007062119W WO 2007095567 A2 WO2007095567 A2 WO 2007095567A2
Authority
WO
WIPO (PCT)
Prior art keywords
player
virtual
game
account
character
Prior art date
Application number
PCT/US2007/062119
Other languages
English (en)
Other versions
WO2007095567A3 (fr
Inventor
Andrew Van Luchene
Ray J. Mueller
Original Assignee
Leviathan Entertainment
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Priority claimed from US11/355,232 external-priority patent/US20070191103A1/en
Priority claimed from US11/428,263 external-priority patent/US20080004116A1/en
Priority claimed from US11/559,158 external-priority patent/US20070087822A1/en
Priority claimed from US11/560,456 external-priority patent/US20070111770A1/en
Priority claimed from US11/567,122 external-priority patent/US7780532B2/en
Priority claimed from US11/611,050 external-priority patent/US20070191104A1/en
Priority claimed from US11/620,542 external-priority patent/US7686691B2/en
Priority claimed from US11/620,563 external-priority patent/US20080046222A1/en
Priority claimed from US11/624,659 external-priority patent/US7677975B2/en
Priority claimed from US11/624,662 external-priority patent/US7666095B2/en
Priority claimed from US11/625,225 external-priority patent/US20070117601A1/en
Priority claimed from US11/625,229 external-priority patent/US7651395B2/en
Priority claimed from US11/670,304 external-priority patent/US20070129126A1/en
Priority claimed from US11/671,373 external-priority patent/US7677979B2/en
Application filed by Leviathan Entertainment filed Critical Leviathan Entertainment
Publication of WO2007095567A2 publication Critical patent/WO2007095567A2/fr
Publication of WO2007095567A3 publication Critical patent/WO2007095567A3/fr

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Classifications

    • A—HUMAN NECESSITIES
    • A63—SPORTS; GAMES; AMUSEMENTS
    • A63F—CARD, BOARD, OR ROULETTE GAMES; INDOOR GAMES USING SMALL MOVING PLAYING BODIES; VIDEO GAMES; GAMES NOT OTHERWISE PROVIDED FOR
    • A63F13/00—Video games, i.e. games using an electronically generated display having two or more dimensions
    • A63F13/70—Game security or game management aspects
    • A63F13/79—Game security or game management aspects involving player-related data, e.g. identities, accounts, preferences or play histories
    • A63F13/12—
    • A—HUMAN NECESSITIES
    • A63—SPORTS; GAMES; AMUSEMENTS
    • A63F—CARD, BOARD, OR ROULETTE GAMES; INDOOR GAMES USING SMALL MOVING PLAYING BODIES; VIDEO GAMES; GAMES NOT OTHERWISE PROVIDED FOR
    • A63F13/00—Video games, i.e. games using an electronically generated display having two or more dimensions
    • A63F13/30—Interconnection arrangements between game servers and game devices; Interconnection arrangements between game devices; Interconnection arrangements between game servers
    • A—HUMAN NECESSITIES
    • A63—SPORTS; GAMES; AMUSEMENTS
    • A63F—CARD, BOARD, OR ROULETTE GAMES; INDOOR GAMES USING SMALL MOVING PLAYING BODIES; VIDEO GAMES; GAMES NOT OTHERWISE PROVIDED FOR
    • A63F13/00—Video games, i.e. games using an electronically generated display having two or more dimensions
    • A63F13/70—Game security or game management aspects
    • A63F13/79—Game security or game management aspects involving player-related data, e.g. identities, accounts, preferences or play histories
    • A63F13/792—Game security or game management aspects involving player-related data, e.g. identities, accounts, preferences or play histories for payment purposes, e.g. monthly subscriptions
    • A—HUMAN NECESSITIES
    • A63—SPORTS; GAMES; AMUSEMENTS
    • A63F—CARD, BOARD, OR ROULETTE GAMES; INDOOR GAMES USING SMALL MOVING PLAYING BODIES; VIDEO GAMES; GAMES NOT OTHERWISE PROVIDED FOR
    • A63F13/00—Video games, i.e. games using an electronically generated display having two or more dimensions
    • A63F13/85—Providing additional services to players
    • A63F13/87—Communicating with other players during game play, e.g. by e-mail or chat
    • A—HUMAN NECESSITIES
    • A63—SPORTS; GAMES; AMUSEMENTS
    • A63F—CARD, BOARD, OR ROULETTE GAMES; INDOOR GAMES USING SMALL MOVING PLAYING BODIES; VIDEO GAMES; GAMES NOT OTHERWISE PROVIDED FOR
    • A63F2300/00—Features of games using an electronically generated display having two or more dimensions, e.g. on a television screen, showing representations related to the game
    • A63F2300/50—Features of games using an electronically generated display having two or more dimensions, e.g. on a television screen, showing representations related to the game characterized by details of game servers
    • A63F2300/55—Details of game data or player data management
    • A63F2300/5513—Details of game data or player data management involving billing
    • A—HUMAN NECESSITIES
    • A63—SPORTS; GAMES; AMUSEMENTS
    • A63F—CARD, BOARD, OR ROULETTE GAMES; INDOOR GAMES USING SMALL MOVING PLAYING BODIES; VIDEO GAMES; GAMES NOT OTHERWISE PROVIDED FOR
    • A63F2300/00—Features of games using an electronically generated display having two or more dimensions, e.g. on a television screen, showing representations related to the game
    • A63F2300/50—Features of games using an electronically generated display having two or more dimensions, e.g. on a television screen, showing representations related to the game characterized by details of game servers
    • A63F2300/55—Details of game data or player data management
    • A63F2300/5546—Details of game data or player data management using player registration data, e.g. identification, account, preferences, game history
    • A—HUMAN NECESSITIES
    • A63—SPORTS; GAMES; AMUSEMENTS
    • A63F—CARD, BOARD, OR ROULETTE GAMES; INDOOR GAMES USING SMALL MOVING PLAYING BODIES; VIDEO GAMES; GAMES NOT OTHERWISE PROVIDED FOR
    • A63F2300/00—Features of games using an electronically generated display having two or more dimensions, e.g. on a television screen, showing representations related to the game
    • A63F2300/50—Features of games using an electronically generated display having two or more dimensions, e.g. on a television screen, showing representations related to the game characterized by details of game servers
    • A63F2300/57—Features of games using an electronically generated display having two or more dimensions, e.g. on a television screen, showing representations related to the game characterized by details of game servers details of game services offered to the player
    • A63F2300/572—Communication between players during game play of non game information, e.g. e-mail, chat, file transfer, streaming of audio and streaming of video

Definitions

  • Video games which are accessible to multiple players via a server or peer to peer network are well known. For example, hundreds of thousands of players access games known as massive multi-player online games (MMOGs) and massive multi- player online role playing games (MMORPGs). Players of these games customarily access a game repeatedly (for durations typically ranging from a few minutes to several days) over a given period of time, which may be days, weeks, months or even years. The games are often constructed such that players pay a periodic subscription price (e.g., $15 per month) rather than, or in addition to, paying a one time purchase price for the game. Often, though not necessarily, these games have no ultimate "winner” or "winning goal," but instead attempt to create an enjoyable playing environment and a strong player community.
  • MMOGs massive multi-player online games
  • MMORPGs massive multi-player online role playing games
  • FIG. 1 is a block diagram depicting a network system 10 according to an embodiment of the present disclosure.
  • Fig. 2 is a block diagram of a system 1OA according to one embodiment of the present invention.
  • FIG. 3 is a flow chart showing an exemplary embodiment according to the present disclosure.
  • Fig. 4 is a flowchart depicting a method according to one embodiment of the present disclosure.
  • Fig. 5 is a flowchart depicting a method according to another embodiment of the present disclosure.
  • Fig. 6 is a flowchart depicting a method according to another embodiment of the present disclosure.
  • Fig. 7 is a block diagram of a system 1OB according to another embodiment of the present disclosure.
  • Fig. 8 is a block diagram depicting a system 1OC according to one embodiment of the present invention.
  • Figure 9 illustrates a method of being offered a financing agreement according to one embodiment of the present invention.
  • Figure 10 is a network system 1 OD according to one embodiment of the present invention.
  • FIG. 11 is a block diagram depicting a system 1OE according to one embodiment of the present invention.
  • Figure 12 illustrates a method of applying for a financing option according to one embodiment of the present invention.
  • Fig. 13 is a block diagram depicting a system 1OF according to one of the embodiments of the invention.
  • Fig. 14 illustrates a method of opening an exchange according to one embodiment of the invention.
  • Fig. 15 illustrates a method of creating an account with a seat holder on an exchange according to one embodiment of the invention.
  • Fig. 16 illustrates a method of selling an item on an exchange according to an embodiment of the invention.
  • Fig. 17 is a block diagram depicting a system 1OG according to one embodiment of the present invention.
  • Fig. 18 is a block diagram depicting a system 1OH according to one embodiment of the present invention.
  • Fig. 19 is an embodiment of a method of launching an IPO according to one embodiment of the invention.
  • Fig. 20 is a block diagram depicting a system 101 according to one embodiment of the present invention.
  • Fig. 21 is a block diagram depicting a system 10J according to one embodiment of the present invention.
  • Fig. 22 is a block diagram depicting a system 1OK according to one embodiment of the present invention.
  • Fig. 23 is a block diagram depicting a system 1OL according to one embodiment of the present invention.
  • Fig. 24 is an embodiment of a method of forming a venture capital fund.
  • Fig. 25 is a block diagram depicting a system 1OM according to one embodiment of the present invention.
  • Fig. 26 provides an exemplary system ION according to one embodiment of the present invention.
  • Fig. 27 provides an exemplary system 1OP according to one embodiment of the present invention.
  • Fig. 28 provides an exemplary system 1OQ according to one embodiment of the present invention.
  • Fig. 29 provides an exemplary system 1OR according to one embodiment of the present invention.
  • Fig. 30 provides an exemplary system 1OS according to one embodiment of the present invention.
  • Fig. 31 is a block diagram depicting a system 1OT according to an embodiment of the invention.
  • Fig. 32 is a block diagram depicting a system 1OU according to an embodiment of the invention.
  • Fig. 33 is an embodiment of a method of acquiring natural resources.
  • Fig. 34 is an embodiment of a method of renewing resources.
  • Fig. 35 is a block diagram depicting a system 10V according to an embodiment of the invention.
  • Fig. 36 is a block diagram depicting a system 1OW according to an embodiment of the invention.
  • Fig. 37 is a block diagram depicting a system 1OX according to an embodiment of the invention.
  • Alert - includes the transfer or storage of information or otherwise communicating with, by, between or among any two or more of the following, including, but not limited to any real or virtual: a) players, b) game owners, c) game or other servers, d) player characters, e) NPCs, f) exchanges, g) game devices or controllers, h) cell phone or other communications hardware and/or networks, i) databases, j) software applications, k) legal agencies, 1) governing bodies, m) software interfaces, n) and/or any combination of any of the above, which may be initiated by and/or based upon an alert event or other action.
  • Alert Event - includes any change in, of or to any condition or state, and includes any action or failure to act, and thus Alert Event includes, but is not limited to:
  • step or procedure e.g., of software, a script, a user-defined process
  • a penalty or interest amount is charged to an account, or an action is taken by or within a game.
  • a trend changes e.g., a particular rate of spending increases or decreases.
  • a battle or wager is started, won or lost, or an interim objective is achieved or is not achieved.
  • An object or service is made available for sale or the price changes or is about to change.
  • a marketing offer is generated or presented.
  • a player j oins or retires from a game .
  • a player completes a task, level, challenge, duty, service, mission, etc.
  • a new game or version of an existing game is brought online or is available for play.
  • a game is turned off for servicing or is no longer available for play (temporarily or permanently, to some, certain or all players).
  • a tax amount or rate is created, changed, deleted, reached, falls below or increased or decreased by an amount or percentage or may soon change or is expected to change.
  • An item or object is identified, stolen, found, created, bought, sold, encumbered, used, deployed, returned, compromised, modified or destroyed.
  • One more players and/or servers and/or applications wishes, determines or requests to notify another one or more players and/or servers and/or applications via an alert message or messages.
  • NPCs or any other real or virtual person or item moves from one position to another, or from one position to a specific position, or uses one path vs. an expected or required path, or deviates from one path to another path, or proceeds faster or slower than required or expected.
  • Credit Card - a credit instrument issued by a real or virtual world institution to a player that allows the player to make purchases by providing an account identifier (e.g. a credit card number) rather than cash or other currency.
  • An example is a credit card like those issued by Visa, MasterCard, or American Express.
  • the term "Credit card” is intended in a very broad sense and is not limited to those situations in which a player's purchases are made on credit (i.e. where payments for those purchases is not due until a later time) but also includes financial instruments such as debit cards, check cards, lines of credit and the like.
  • Game Objective or Game Goal - means a desired state, condition, result, action, cessation of action, or a desired outcome and/or change or a delay in change to any of the preceding.
  • Virtual credit card a financial instrument issued in a virtual environment that acts in the virtual environment for virtual currency the way a real world credit card acts in the real world for real currency.
  • Real Cash Value the value in real dollars of the virtual currency. This value can be determined by multiplying the value of a virtual currency amount by the current exchange rate to real dollars.
  • Total virtual obligation amount the total amount of the virtual financial obligation(s) associated with a player character's account.
  • Virtual Contract An enforceable agreement between a first player character and either another player character, a game server, or a third party.
  • Some examples of virtual contracts are provided in U.S. Provisional Patent Application Serial No. 60/652,036, which is hereby incorporated by reference in its entirety for all purposes.
  • Virtual - shall mean in a video game environment or other intangible space.
  • Virtual World a world created in an online game such as World of
  • Warcrafit or a virtual community such as Second Life, Eve or There.com.
  • Virtual Creditor-shall mean a first player character or other entity who is owed a virtual obligation by a second player character.
  • Virtual Credit Score a score given to player characters in a video game based on one or more of the following criteria: the virtual assets they possess, the age of the character account, the type of account, e.g. basic or premium, the available credit line of the credit card associated with the account, the existing virtual financial obligations of the player character account, the player character's payment history including days to pay, amounts overdue or delinquent, and/or the player character's real world credit score, and/or the factors used in the real world to determine a credit score.
  • Virtual Financial Account - a virtual account issued to a player character by a virtual bank, game server or third party where virtual cash can be deposited and withdrawn.
  • Virtual Financial Obligation An agreement by a player character or entity to pay one or more game attributes to another player character, entity or game server. This obligation can be a one time payment, or multiple payment over time. The obligation can specify that payments are due on virtual or real dates.
  • Virtual Financial Intermediary - Financial intermediaries are institutions including depository institutions, contractual savings institutions, and investment intermediaries which offer financial products and services for use within the virtual environment.
  • the various financial intermediaries available in the virtual environment may each serve different or overlapping purposes and provide means for using, saving, borrowing and transferring currency.
  • the value may be stated as a virtual and/or real cash amount.
  • the value can be determined by generating a virtual cash market value for the item based on the current value in an online marketplace or exchange.
  • the value of the obligation may be fixed or variable and may also be set as a condition of the player contract and/or by the game server or other entity.
  • Billing Information shall mean any information pertaining to billing a player for playing a game, accessing a game, purchasing goods or services, or any other reasons.
  • Billing information may include such real world information as a billing address, credit card account number, bank account number, pay pal account number or other payment facilitator, or the account number of any other financial entity providing a real world credit line or any other payment-related information.
  • Character or "player character” a persona created and controlled by a player in a video game.
  • Avatar the virtual representation of a player character.
  • Character Account an account that tracks character attributes.
  • Character Attribute any quality, trait, feature or characteristic a particular Character can have that is stored in the corresponding Character Account. Character Attributes may include, but are not be limited to:
  • Character Life a fixed or variable, finite or infinite period of virtual or real world time that a player character can exist in a game environment.
  • Character Skills - game attributes inherent in or acquired by a player character during game play such as, but not limited to: the ability to cast (certain) spells, foretell the future, read minds, use (certain) weapons, cook, hunt, find herbs, assemble herbs into potions, mine, assemble objects into other objects, fly, and/or enchant other player characters.
  • CGC Computer Generated
  • NPC Non-Player Character - any character that is controlled by the game system and/or a computer program and/or rules established by the game system and/or a player and not by a player on a continuous basis.
  • Game performance parameter any aspect of a Video Game by which a player character's performance can be measured.
  • Game Parameters shall include, but not be limited to:
  • In-game Marketplace - shall mean a virtual environment
  • Characters can exchange items, attributes, or any other exchangeable game element.
  • Novice Player - shall mean a player that is identified as requiring the help of an expert to complete a Game Parameter.
  • Player - shall mean an individual who can register an account with a
  • Video Game Central Server or within a peer-to-peer network and create Characters that can interact with other Characters in a Virtual Environment, and/or that can authorize a NPC to act on the player's behalf.
  • Player Account - shall mean an account on the Video Game Central
  • Player Profile including personal, billing, and character account information.
  • Player Attribute - shall mean any attribute that can be applied to a player account.
  • Player Attributes shall include, but not be limited to:
  • Player to Player Contract a real and/or virtual but binding contract between player characters that allows the players to provide or exchange game attributes to one another. Once a player-to-player contract is established, the game server or peer- to-peer network automatically distributes acquired game attributes between the player characters based on the contract conditions.
  • Video Game - a game played on a Video Game Consul that may or may not be networked to a Video Game Central Server or within a peer-to-peer network.
  • Video Game Consul - a device comprising a CPU, memory and optional permanent storage residing at a player location that can allow for the playing of video games. Examples include, home PCs, Microsoft Xbox, and Sony Playstation.
  • Video Game Central Server - a CPU, memory and permanent or temporary storage that is connected to multiple Video Game Consuls that allows for Massive Multi Player Online Video Games to be played.
  • Game Environment a particular level or area within a virtual world.
  • Each game environment may have its own rules, regulation, currency, government, managers, etc. Game environments may exist within other game environments.
  • the phrase "at least one of, when such phrase modifies a plurality of things means any combination of one or more of those things, unless expressly specified otherwise.
  • the phrase "at least one of a widget, a car and a wheel” means either (i) a widget, (ii) a car, (iii) a wheel, (iv) a widget and a car, (v) a widget and a wheel, (vi) a car and a wheel, or (vii) a widget, a car and a wheel.
  • determining and grammatical variants thereof (e.g., to determine a price, determining a value, determine an object which meets a certain criterion) is used in an extremely broad sense.
  • the term “determining” encompasses a wide variety of actions and therefore “determining” can include calculating, computing, processing, deriving, investigating, looking up (e.g., looking up in a table, a database or another data structure), ascertaining and the like.
  • determining can include receiving (e.g., receiving information), accessing (e.g., accessing data in a memory) and the like.
  • determining can include resolving, selecting, choosing, establishing, and the like. Tt does not imply certainty or absolute precision, and does not imply that mathematical processing, numerical methods or an algorithm process be used. Therefore "determining” can include estimating, predicting, guessing and the like.
  • a processor e.g., one or more microprocessors, one or more microcontrollers, one or more digital signal processors
  • a processor will receive instructions (e.g., from a memory or like device), and execute those instructions, thereby performing one or more processes defined by those instructions.
  • a "processor” means one or more microprocessors, central processing units (CPUs), computing devices, microcontrollers, digital signal processors, or like devices or any combination thereof.
  • the apparatus can include, e.g., a processor and those input devices and output devices that are appropriate to perform the method.
  • programs that implement such methods may be stored and transmitted using a variety of media (e.g., computer readable media) in a number of manners.
  • hard- wired circuitry or custom hardware may be used in place of, or in combination with, some or all of the software instructions that can implement the processes of various embodiments.
  • various combinations of hardware and software may be used instead of software only.
  • Nonvolatile media include, for example, optical or magnetic disks and other persistent memory.
  • Volatile media include dynamic random access memory (DRAM), which typically constitutes the main memory.
  • Transmission media include coaxial cables, copper wire and fiber optics, including the wires that comprise a system bus coupled to the processor. Transmission media may include or convey acoustic waves, light waves and electromagnetic emissions, such as those generated during radio frequency (RF) and infrared (IR) data communications.
  • RF radio frequency
  • IR infrared
  • Computer-readable media include, for example, a floppy disk, a flexible disk, hard disk, magnetic tape, any other magnetic medium, a CD-ROM, DVD, any other optical medium, punch cards, paper tape, any other physical medium with patterns of holes, a RAM, a PROM, an EPROM, a FLASH-EEPROM, any other memory chip or cartridge, a carrier wave as described hereinafter, or any other medium from which a computer can read.
  • data may be (i) delivered from RAM to a processor; (ii) carried over a wireless transmission medium; (iii) formatted and / or transmitted according to numerous formats, standards or protocols, such as Ethernet (or IEEE 802.3), SAP, ATP, BluetoothTM, and TCP/IP, TDMA, CDMA, and 3 G; and / or (iv) encrypted to ensure privacy or prevent fraud in any of a variety of ways well known in the art.
  • a description of a process is likewise a description of a computer- readable medium storing a program for performing the process.
  • the computer-readable medium can store (in any appropriate format) those program elements which are appropriate to perform the method.
  • an apparatus includes a computer / computing device operable to perform some (but not necessarily all) of the described process.
  • a computer-readable medium storing a program or data structure include a computer-readable medium storing a program that, when executed, can cause a processor to perform some (but not necessarily all) of the described process.
  • databases may, in a known manner, be stored locally or remotely from any dcvicc(s) which access data in the database.
  • Various embodiments can be configured to work in a network environment including a computer that is in communication (e.g., via a communications network) with one or more devices.
  • the computer may communicate with the devices directly or indirectly, via any wired or wireless medium (e.g. the Internet, LAN, WAN or Ethernet, Token Ring, a telephone line, a cable line, a radio channel, an optical communications line, commercial on-line service providers, bulletin board systems, a satellite communications link, or a combination of any of the above).
  • Each of the devices may themselves comprise computers or other computing devices, such as those based on the Tntel® Pentium® or CentrinoTM processor, that are adapted to communicate with the computer. Any number and type of devices may be in communication with the computer.
  • a server computer or centralized authority may not be necessary or desirable.
  • the present invention may, in an embodiment, be practiced on one or more devices without a central authority.
  • any functions described herein as performed by the server computer or data described as stored on. the server computer may instead be performed by or stored on one or more such devices.
  • the present disclosure provides for contracts between players and/or entities that are able to interact with each other in a virtual environment. Tn general, these contracts allow for the entities to form a wide variety of relationships and enter into various forms of binding agreements with each other.
  • the present disclosure further provides for a number of penalties and other mechanism which may be employed to ensure compliance with the contracts/agreement and/or punish those entities that fail to fulfill their obligations under the contracts/agreements.
  • a network system 10 includes a central server 20 in communication with a plurality of video game playing units 18 (18a-18n).
  • a central server 20 in communication with a plurality of video game playing units 18 (18a-18n).
  • video game playing units 18 18a-18n
  • any number of video game playing units may be in communication with the central server.
  • the number of video game playing units changes at various times as players join games and as players stop playing games.
  • more than one server may operate to coordinate the activities of the video game playing units, as is well known in the art.
  • Central server 20 may comprise any computing device (e.g., one or more computers) capable of communicating with other computing devices.
  • the server 20 typically comprises a processor which is in communication with a storage device, such as an appropriate combination of RAM, ROM, hard disk, and other well known storage media.
  • Central server 20 may comprise one or more personal computers, web servers, dedicated game servers, video game consoles, any combination of the foregoing, or the like.
  • Each video game device 18 may comprise any device capable of communicating with central server 20, providing video game information to a player, and transmitting the player's desired actions to the central server.
  • Each video game device typically comprises a processor which is in communication with a storage device, such as an appropriate combination of RAM, ROM, hard disk, and other well known storage media.
  • Suitable video game devices include, but are not limited to, personal computers, video game consoles, mobile phones, and personal data assistants (PDAs).
  • Video game 17 can be stored on central server 20.
  • video game 17 may be stored on the individual video game devices 18.
  • the video game devices are able to communicate with one another. Such communication may or may not be facilitated by central server 20. Accordingly, a player 19a accessing video game 17 via game device 18a may be able to play with a player 19b accessing video game 17 via game device 18b. As shown, it may be possible for multiple players (e.g. 19c, 19d) to access central server 20 via the same game device (e.g. 18c).
  • server 20 is typically configured to facilitate play of the game between multiple game players.
  • the present invention provides a virtual environment in which a first player character establishes a contract with either one or more other player characters, entities (real or virtual) or a game server.
  • the contract may specify one or more virtual financial obligation values that the first player character is obligated to pay at a specified virtual or real time and date.
  • the contract may additionally include a credit card number associated with the game account of the first player.
  • a real cash value may be established that equals the virtual financial obligation value and the first player's credit card may be charged the real cash value amount.
  • Examples of in game contracts include, but are not limited to:
  • Virtual loans-a player character or entity can borrow virtual cash from another player character, entity or the game server.
  • An interest rate and payment schedule can be established, and payments can be secured by the player character's or entity's credit card.
  • Virtual item rental-a player character or entity can rent an in game item from another player character, entity or the game server.
  • a virtual cash fee per unit time can be established and secured with the player character's or entity's credit card.
  • Virtual dividend payments for shares of a company-a player character or entity can take his virtual company public by selling shares to other player characters or entities. He can guaranty a virtual cash dividend for each share per unit time. He can secure the virtual cash dividend with his credit card.
  • Virtual finance options-a player character or entity can choose to pay for an in game item with virtual cash over time rather than up front.
  • a virtual cash payment amount and payment schedule is established, and the player or entity secures the virtual cash payments with a credit card. If the player character or entity cannot make a specified virtual cash payment amount on a scheduled payment date, a real cash value is determined for the payment amount and charged to his credit card.
  • Virtual item creation-A first player character can agree to build an in game item for a second player character by a certain date. If the first player character does not build the item in the time specified, either the virtual bank account or a credit card on file can be charged a specified fee for each unit of time that it is late. Also, if the first player character took an advance and or raw materials from the second player character, a virtual cash fee can be charged to the first player's credit card equal to the virtual cash value of the advance. If the first player character can make the virtual cash payment, a real cash value can be determined that is equal to the virtual cash value and charged to the first player's credit card.
  • Virtual futures contracts on goods bought or sold on an exchange can establish an agreement to buy or sell, with virtual cash, a particular amount of a game resource or item at a specified virtual or real time period.
  • a real cash value is determined that is equal to the virtual cash value of the buy or sell offer. If the player character is unable to sell or purchase the item at the specified time, either (i) a penalty, (ii) all or a portion of the real cash value of the contract or (ii) any combination of one and two above can be charged to the player's credit card.
  • Virtual help with solving a mission or other game parameter-a first player character can agree to help a second player character to solve a mission or other game parameter within a given time period. Tf the first player character fails to help the second player character complete the specified game parameter in the time specified, a penalty fee can be charged to his credit card.
  • a first player character can agree to pay a second player character a specified virtual cash amount if the second player character agrees to help him to complete a mission or other game parameter. If the second player character helps the first player character to complete the game parameter, and the first player character does not pay the agreed to virtual obligation, the first player's credit card can be charged a penalty and or the real cash value of the virtual obligation.
  • Virtual Insurance Payments and Claims-a player character can insure an in-game item with another player character or a game server.
  • a periodic virtual cash insurance premium payment can be determined for the item. If the player character cannot make a periodic virtual cash insurance premium payment, then his credit card is charged the real cash value of the periodic payment and/or a real cash fee.
  • a first player character makes a claim on a virtual insurance policy.
  • the game server verifies that the virtual insurance claim is legitimate, determines a virtual claim value, and charges a second player character (who issued the claim) the virtual claim value amount. Tf the second player character cannot pay the virtual claim value, then a cash value is determined and charged to the second player's credit card on file.
  • Virtual Shipping-a first player character can agree to ship an item for a second player character to a certain virtual location in the game before a certain virtual or real date.
  • the shipment of the item is secured with a credit card associated with the first player character. If the item is not shipped or arrives late or damaged, a virtual cash fee can be charged to the player character account. If the first player character account does not have enough virtual cash to cover the fee, a real cash value for the fee can be determined and charged to the credit card associated with the first player character.
  • Virtual Deposits and Interest Payments a first player character deposits virtual money into an account with a virtual bank owned by one or more other player characters.
  • the deposit balance and any periodic virtual interest due on the balance are secured by at least one credit card associated -with the player characters that own the virtual bank. If the bank is unable to pay a requested withdrawal amount equal or less than the virtual bank account balance, the credit card securing the deposit can be charged the real cash value of the requested withdrawal amount. Also, if the bank cannot make a periodic interest payment, the credit card securing the interest payment can be charged the real cash value of the payment.
  • Identification Verification a player character may use a credit card as a means to identify himself as the owner of a player character and/or to establish liability for a player character's actions, including whether or not a player character pays bills on time, in full, etc.
  • Loyalty Program Identification - a player character may use a credit card number as a unique identifier for use as an ID for loyalty programs or frequent shopper programs and the like.
  • Layaway financing a player character may purchase an in game object, service or resource, placing it into a "layaway" account and have monthly or other periodic charges added to his credit card until such time as the entire balance is paid off, at which time, the Player Character would receive the object, service or resource.
  • Virtual Taxes-A player character can agree to pay a certain amount of taxes, tariffs, tolls to a government structure run by the game server or by player characters. In the event that a player character cannot make a tax payment a real cash value for the virtual cash amount can be determined and charged to a credit card associated with the player character.
  • a game server or player character operated trial can determine a virtual settlement that a first player character needs to pay to a second player character.
  • the first player character is given a time period within which to pay the settlement. If the first player character cannot pay the virtual settlement by the time specified, a real cash value is generated for the virtual settlement and charged to his credit card.
  • any financial account can be used by the player to secure the virtual contracts he establishes with his player characters.
  • the following accounts are non-limiting examples of the type of player character-owned accounts that can be used, individually or in any combination, to secure a virtual contract:
  • Play time card-a player can buy a play time card that allows them to play for a specific period of time. A portion of the credit on the card can be locked up to secure virtual obligations in the game environment 8.
  • personal guaranty-a player can sign a personal guaranty that allows the game server to put a lien on the player's real world assets in the event of a default on a contract in a game environment.
  • Escrow account-a player character can place virtual or real items in escrow that he can use as collateral against in game contracts.
  • Margin account-a game server or first player character can establish a margin account for a second player character that the second player character can use to secure in game contracts.
  • a margin account could be automatically given to a player character by a game server once certain game attributes, skills, and levels have been reached.
  • Annuity account - a player character can allocate a portion or all of his payments due to him under an annuity, such as a life insurance payout, lottery winnings, judgment award, reverse mortgage, or any other annuity based income.
  • an annuity such as a life insurance payout, lottery winnings, judgment award, reverse mortgage, or any other annuity based income.
  • the amount charged to the player's credit card in the event of a default on a virtual contract can be:
  • a real cash amount either equal to, less than or greater than the virtual amount.
  • the game server can automatically charge virtual cash values to the player character bank account or the game server can notify a player character when a virtual cash value is due.
  • Player Characters who have reached certain levels of the game or acquired certain amount of virtual value in a game may not be required to secure their contracts with a credit card. Such "financially secure" Player Characters may vouch for less financially secure player characters by offering their virtual value as collateral. Alternatively or additionally, Player Characters may also receive margin dollars based on the level or skills they have obtained.
  • Player characters can be given a warning and a grace period if they do not pay the virtual cash obligation on the virtual or real date specified or there is not sufficient virtual cash in their virtual cash account for the virtual obligation to be automatically withdrawn.
  • warnings may be delivered by any one or more of the following mechanisms including, but not limited to, in game alerts, in game instant messaging, real world e-mail, voice mail, postal mail, or text messages.
  • Player characters could have the choice of using virtual or real cash to pay the virtual obligation when it becomes due. Characters could be offered this option on every purchase they make in a game environment. For example, a player purchasing a game item in an in game exchange can elect to pay real or virtual money during the transaction. The exchange interface offers the choice between purchasing the item for real or virtual cash and the value of the item in real and virtual cash is displayed. If the player selects virtual cash, the amount is debited from his virtual cash account. If the player selects real cash, the amount is charged to his credit card on file.
  • the player character when making a decision to use real or virtual cash to pay for an item or service, the player character (and/or game server) may request bids from other player characters or entities to pay for the item at some level of exchange rate that differs from the current exchange rate. For example, if a player character wishes to buy a virtual sword and the price is: $10 USD or 100 units of in game currency (e.g. piece of gold, $LD, etc.), there may be third party player characters that may desire to pay the real cash value in exchange for some amount of LD, that may be less or more than the current exchange rate.
  • the account when a player's financial account cannot cover the real cash obligation specified by a virtual contract, the account can be suspended and the virtual assets owned by the player character can be automatically liquidated and the proceeds divided amongst virtual contract holders (other player characters or the game server) in ratio of the contract values.
  • some or all of the virtual assets owned by the player may be immediately sold for their market value.
  • the assets may be sold one at a time (in any order specified by the rules of the game server i.e. most to least valuable, least to most valuable, most to least liquid, least to most liquid, etc) until the virtual obligations of the player character have been met.
  • the cash can be paid to the creditors using any suitable means including, but not limited to,: (i) in ratio equal to the obligation for each creditor compared to the total outstanding obligations; and/or (ii) in order of priority.
  • a creditor can be given priority based on (i) paying to be a priority creditor when the virtual contract is established; (ii) the amount of the obligation; (iii) the date the virtual contract was established; (iv) the remaining obligation of the contract vs. the total obligation; or (v) paying off debts to independent third party player characters or entities as opposed to those player characters / entities that are either own by or related to the indebted player character.
  • the game server can periodically ping the credit card or other financial account identifier of the player to make sure that there is adequate cash or credit line associated with the account to cover all the virtual obligations that the player has established with his characters.
  • an amount that is equal to or a percentage of that obligation can be locked, on the credit card so that it cannot be used for anything other than covering the virtual obligation.
  • an interest in an insurance policy can be purchased for a fee that is charged to the credit card.
  • the insurance policy pays the debt; however the player character's rating would be lowered and/or future policies rejected outright. If an insurance company (real or virtual) pays the debt, the insurance company could seek restitution from the defaulting player character.
  • the game server can conduct a preauthorization of the player credit card equal to the cash value of the virtual obligation when the virtual contract is established. If the preauthorization fails, the contract cannot be executed and the appropriate parties (player characters and or game server) are notified.
  • a player character may not be able to sell assets in a game or on an exchange between game servers or games if he has contracts established in a game environment.
  • an amount of the player character's assets equal to his virtual cash obligations cannot be sold on an in game, inter game server, or intra game exchange.
  • the game server can upsell a credit card to that player character to use to secure the contract. If the player character accepts the offer, he fills out a credit card application. The application is submitted to the card issuing bank. If the bank accepts the application, a new card number is issued and used to secure the contract.
  • the game server can upsell a credit card that the player character can use to secure contracts (and pay for his monthly fees)
  • the card can be issued with a certain amount of credit line that can be used to secure contracts with no payment obligation for the player. For example, the player could be given $50 worth of credit line to use to secure against in game contracts. If the player defaults on a contract in the game, the game can automatically charge the credit card account the specified penalty amount. As long as that amount is less than $50, then the player is not obligated to pay off the balance on the credit card.
  • a fee can be charged by a game server or player character who facilitates and enforces the contracts between other player characters and the game server.
  • This fee can be a flat fee, a "per transaction” fee, or a percent of the total value of the contract or payment fee.
  • the player can just pay a recurring real cash fee to borrow virtual cash in a game environment.
  • Either the game server or the player character can issue the virtual loan and receive the monthly real cash fee.
  • the monthly fee can be charged to the player character by the game server and a portion of the fee can be remitted, in real or virtual cash to a second player character who initiated the loan.
  • a player character can rent a sum of virtual cash for a monthly real cash fee that is charged to his credit card.
  • a player pays a monthly real cash amount as long as he has borrowed a certain amount of money from a game server or other player character.
  • the real cash monthly fee may no longer collected by the game server.
  • a player character can also rent a sum of virtual cash for a recurring virtual cash fee. If the player character cannot pay the recurring virtual cash fee, a real cash value is determined and charged to the player credit card.
  • a player character can be offered the choice to pay a basic monthly fee for his account, or an additional monthly fee for his account that includes an upfront loan of virtual cash.
  • a suitable system 1OA may include a central server 20 in electronic communication with any number of suitable programs including, for example and without limitation: a Contract Generation Program 22; a Contract Enforcement Program 24; an Asset Liquidation and Redistribution Program 26; a Credit Card Upsell Program 28; and a Virtual Cash to Real Cash Exchange Program 30.
  • suitable programs including, for example and without limitation: a Contract Generation Program 22; a Contract Enforcement Program 24; an Asset Liquidation and Redistribution Program 26; a Credit Card Upsell Program 28; and a Virtual Cash to Real Cash Exchange Program 30.
  • System 1OA may further comprise any number of suitable databases.
  • suitable databases include, but are not limited to, a player database 32, a player character database 34, a contract database 36, and a virtual bank database 38.
  • Player database 32 may include information about each player who accesses the game. This information may be provided to the game server by a player when the player registers to play the game, or at any other suitable time and using any suitable means. Examples of player information include, but are not limited to: player ID, player contact information, player credit card information, and/or player character ID.
  • Player character database 34 may include information about each player character that participates, or is able to participate, in a game. Accordingly, it will be understood that according to some types of games, a single player may create and control more than one player character. Examples of information the player character database may maintain include, but are not limited to: player character TD, player character profile, player character asset(s), player character attribute(s), player character contract(s). Of course it will be understood that for many of these information categories, a given player character may have multiple entries. For example, a given player character may have any number of attributes which could be tracked and maintained by the player character database.
  • Contract database 36 may include information about any virtual agreements entered into by player characters. Examples of information the contract database may maintain include, but are not limited to: contract ID, player character ID, Player character type, contract type, contract obligations). Of course it will be understood that for many of these information categories, a given contract may have multiple entries. For example, a given contract entered into by a given player character may have numerous contract obligations which can be tracked and maintained by the contract database. Examples of contract obligation information that could be tracked and maintained by the contract database includes, but is not limited to: player character, obligation type, obligation amount, obligation date, obligation penalty, obligation grace period, obligation warning message, and default rules.
  • Virtual bank database 38 may include information related to the methods and financial instruments used to guarantee certain in-game agreements.
  • the virtual bank database may include information including, but not limited to: player character owner, player character owner credit card number, account balance, maximum deposit limit, interest rate, interest payment schedule, player character account, and loan account number. It will be appreciated that any of these categories of information may include subcategorizable information.
  • the player character account information may include numerous sub-categories of information including character ID, character balance, character interest rate, and interest payment schedule.
  • the loan account information may include sub-categories of information including character ID, loan amount, payment(s), interest rate, and credit card number.
  • a request to incur a financial obligation is received by the game server from a player character.
  • the financial obligation may be incurred immediately (i.e. an upfront purchase), or at later time (i.e. a purchase on credit).
  • the player character may be offered the opportunity to opt to pay with either virtual or real world currency.
  • a virtual store may display items available for sale and show prices in virtual and real world currency.
  • the price may also or alternatively include various exchange rates for transfer between virtual and real world currencies, different virtual currencies, and/or different real world currencies.
  • a virtual store may show a price for an item in virtual gold and the conversion rates (or actual prices) if the same item if purchased in virtual Linden Dollars, virtual credits, US dollars, Euros, Yen, etc.
  • the server determines if the player character has a sufficient amount of the specified funds to cover the amount of the financial obligation. Accordingly, if the player opts to pay in virtual funds and the player character has sufficient virtual funds in his player account, the virtual funds are deducted from the player account and the transaction is completed. Similarly, if the player opts to pay in real world funds and the player character's real world financial instrument (i.e. credit card, debit card, bank account etc.) contains sufficient funds to cover the financial obligation, the funds are transferred and the transaction is completed.
  • the player character's real world financial instrument i.e. credit card, debit card, bank account etc.
  • a player may chose to pay with a currency for which he does not have sufficient funds. For example, a player may wish to use virtual funds to pay for an item costing 500 credits, but only have 400 credits in his player account.
  • the server may determine that sufficient virtual funds are not available and automatically ping the players real world financial instrument to determine if sufficient real world funds are available to cover the financial obligation. If sufficient real world funds are available, some or all of the financial obligation may then be satisfied by the available real world funds.
  • the amount of real world funds that are used may the remaining balance (i.e. the unpaid 100 credits) times an exchange rate, with or without the imposition of an additional fee, the entire amount of the transaction (i.e. 500 credits) times an exchange rate, or any other amount, which may or may not be agreed to or determined by the player.
  • the server may first determine if the player character has benefited from the transaction (i.e have any items been transferred to the player character's possession or any services performed?). If not, the transaction can be cancelled.
  • Such penalty may include, but may not be limited to, imposition of a fine, alteration of the character's appearance, demeanor, or other characteristics (including scores, levels, ability to perform or engage in various actions, etc.), freezing of the characters account, and/or liquidation of the character's assets.
  • the server may determine if the character has sufficient virtual assets to cover the financial obligation. If the character has sufficient virtual assets, enough assets are liquidated to cover the financial obligation (this may include, for example, repossession of an item that was the source of the transaction) and the creditor(s) are paid the amount owed. According to some embodiments, one or more additional fees may or may not be imposed. Such fees may be payable to the creditor and or the game server, for example.
  • Cancellation of the transaction may or may not prevent the player character from receiving a penalty. For example, even if the transaction is cancelled, a fee may be imposed, the player character's physical appearance may be altered, or some other penalty may be given to or imposed upon the player character. [0143] The following paragraphs describe various methods and steps therein according to additional embodiments of the present disclosure: [0144] Establishing a Contract a. Loan i. Player Character to Game Server
  • Receive, Store and Output a request to assemble an in-game item including at least one of (i) a virtual cash amount, (ii) a blueprint, (iii) in game natural resources and game items necessary to assemble the item, (iv) a date / time of expected delivery, and (v) the agreed upon or expected quality of the item or its constituent components.
  • first player character virtual cash account can cover settlement amount, transmit amount (less applicable fees) to second player character virtual cash account
  • first player character virtual cash account cannot cover settlement amount: a. Determine a real cash value for the virtual settlement amount b. Charge real cash value to credit card associated with first player character c. Convert real cash to virtual cash d. Transfer virtual cash (less applicable fees) to the virtual cash account of the second, player character k. Breaking rules or hacking the game i. Player character to game server (infraction occurrence)
  • Locking player character accounts and liquidating assets a. Determine that a virtual obligation cannot be paid with a virtual account associated with a player character b. Determine a real cash, value for the virtual obligation c. Retrieve credit card associated with player character d. Attempt to charge real cash value of virtual obligation to credit card e. Tf attempt fails, lock virtual assets of player character account, f. Post and sell virtual assets on appropriate in game marketplace or exchange g. Retrieve virtual creditor list h. Determine % of player character asset value due to each virtual creditor i. Transmit appropriate % of asset value to each virtual creditor [0147] Generating warning message if virtual obligation cannot be met a.
  • Periodic check of credit card validity a. Determine that a player character account has a virtual obligation secured by a credit card b. Retrieve credit card number c. Verify that credit card is valid and/or has enough remaining credit to cover virtual obligation. d. If credit card is not valid and/or does not have enough remaining credit to cover a virtual obligation, lock assets of player character account equal to total virtual obligation amount.
  • Credit card upselling during contract initiation a. Receive request to initiate a virtual contract from a player character b. Output offer to register for a credit card to secure the transaction c. Receive acceptance of offer, including player billing information d. Submit credit card application for approval e. If credit card application is accepted, bind virtual contract with new credit card. f.
  • Set up player account with alternate credit card [0152] Providing a choice between virtual cash or credit card charge a. Determine that a virtual obligation of a player character is due b. Determine a virtual and real cash value of the obligation c. Output notification that virtual offer is due, including choice to pay for virtual obligation with real or virtual cash i. Receive indication that virtual obligation will be paid with real cash ii. Charge real cash value to credit card associated with player character account Or iii. Receive indication that virtual obligation will be paid with virtual cash iv. Charge virtual cash value to player character virtual account [0153] Real cash charge to credit card for virtual loan payment or rental a. Determine that a virtual obligation of a player character is due b. Determine real cash value of virtual obligation c.
  • the present disclosure provides for sponsorship contracts between player characters in a virtual environment.
  • a server computer or centralized authority may not be necessary or desirable.
  • the present invention may, in an embodiment, be practiced on one or more devices without a central authority.
  • any functions described herein as performed by the server computer or data described as stored on the server computer may instead be performed by or stored on one or more such devices.
  • central server 12 is further configured to facilitate the formation and management of sponsorship contracts between two or more players.
  • a sponsorship contract is an agreement between two or more players where one player, the "sponsor,” agrees to provide (e.g., upon formation of the agreement, at a predetermined time before or after formation of the agreement, at an agreed-upon time before or after formation of the agreement) an initial benefit, or advantage, to another player, the "sponsoree.”
  • the sponsor receives a deferred benefit that is based on the sponsoree's performance in the game.
  • a sponsorship contract may have more than one sponsor and/or more than one sponsoree, and the same or different benefits may be provided.
  • a player is the person who buys the game and sets up a player account.
  • a player character is a persona created by a player to interact in the game environment.
  • player and player character are used interchangeably in the present disclosure.
  • a player may create and control one or more characters and each character may enter into one or more sponsorship contracts with other player characters. Accordingly, in some embodiments, two characters owned by the same player may enter into a sponsorship contract with each other.
  • sponsorship information may be maintained in a database.
  • Table I shows a non-limiting example of the type of information that could be included in a sponsorship contract database.
  • Sponsorship information may include any information related to past, present, or future sponsorship contracts.
  • the database may include information regarding the terms of a given contract, whether a given player is currently a party to a sponsorship contract, whether a given player is a sponsor or a sponsoree in a given contract, and/or whether a given player has indicated interest in entering into a sponsorship contract.
  • each sponsorship contract may be assigned a unique identifier such as a number or a sequence of alphanumeric characters.
  • the database links the sponsor(s), if any, the sponsoree(s), if any, the contract status, the date the request for a contract was listed, the date the contract was created, and the date the contract expires.
  • the database may also include the terms of the contracts, i.e. what benefits were promised to the sponsor and sponsoree.
  • the database typically stores a unique identifier for each player.
  • the unique identifier could be the player's name, a username (e.g., specified by the player), a phone number, a social security number, a combination of the foregoing, etc.
  • the unique identifier is a license key number associated with the game license purchased by the player.
  • the unique identifier may be used to link multiple databases related to the same player, as described in greater detail below.
  • contracts can have a status of active, expired or pending.
  • active is intended to mean a contract which has not expired and to which there is both an assigned sponsor and an assigned sponsoree.
  • expired is intended to mean a contract which has been cancelled, has been found invalid, or for which the expiration date has passed, regardless of whether both a sponsor and sponsoree have been assigned.
  • pending is intended to mean an unexpired contract that lacks an assigned sponsor, sponsoree, or both.
  • Some or all of the information in the sponsorship database may be viewable to game players.
  • the sponsorship database may be part of an online forum on which players can browse current pending, active, and/or expired contracts. Players may use the forum to advertise themselves as available for sponsorship, find a sponsor or sponsoree, or help them get ideas for contract terms.
  • two or more players may simply decide between themselves to form a sponsorship contract and then inform the server of the parties to the contract and the terms thereof.
  • the server can take a more active role in contract formation.
  • the server may be configured to receive, from a player, a request to form a sponsorship contract.
  • the request may include or specify contract formation requirements.
  • the request can include data indicating whether the player wishes to be a sponsor or sponsoree.
  • the request may further include specific contract terms or a specifically requested sponsor/sponsoree.
  • the server may then search the contract database to find a potential sponsor/sponsoree that fulfills the requestor's requirements. If such a potential sponsor/sponsoree is found, the contract may be automatically formed.
  • the potential sponsor/sponsoree may be notified that a sponsorship contract has been offered to them and the sponsor/sponsoree may chose to accept or deny the contract request.
  • the server may be configured to conduct an auction during which players bid for the right to become a party to a sponsorship contract.
  • the act of bidding acts essentially as a sponsorship request from the bidding player.
  • the auction may be conducted in a manner such that players submit offers (e.g., including an amount of payment) for the right to become a member to the sponsorship contract.
  • Player A may submit a request to become a sponsoree.
  • Player A may be known among various players in the relevant gaming world as a very competent and successful player.
  • Player A might be known by "word-of-mouth" reputation, or by experiences with others who have played with Player A.
  • the server may also provide details of Player A's historical play.
  • the server may provide details of Player A's past scores, duration of play, opponents killed, opponents saved, past information on Player A as a sponsoree, and the like. Accordingly, many players may want to be Player A's sponsor, believing they are likely to have a positive return on their "investment". Each player who wants to be Player A's sponsor may then submit a bid to the server.
  • the server may automatically select the winning bidder according to a set of predetermined criteria intended to identify the offer that is most advantageous to the sponsoree. For example, initial benefits may be limited to monetary contributions. As such, the server may be configured to automatically select the player offering the highest amount of money as the winner. Alternatively, the bids could be forwarded to Player A, and Player A may select the winning bid.
  • Player B may submit a request to become a sponsor.
  • Player B may have a reputation for being a great sponsor, or may be offering a very advantageous initial benefit.
  • Player B might be known by "word-of-mouth" reputation, or by experiences with others who have played with or been sponsored by Player B.
  • the server may also provide details of Player B's historical play. For example, upon request the server may provide details of Player B's past scores, duration of play, opponents killed, opponents saved, past information on Player B as a sponsor, and the like.
  • Each player who wants to be Player B's sponsoree may then submit a bid to the server.
  • the server may automatically select the winning bidder according to a set of predetermined criteria intended to identify the offer that is most advantageous to the sponsor.
  • deferred benefits may be limited to periodic monetary contributions based on the sponsoree's fixed earnings.
  • the server may be configured to automatically select the player offering the highest percentage of earnings.
  • the bids could be forwarded to Player B, and Player B could select the winning bid.
  • the initial benefit to the sponsoree may be held in escrow and released to a sponsoree once the contract is accepted. If no sponsoree accepts the contract, the item may be released back to the sponsor. Accordingly, server 12 may be configured to hold the initial benefit in an email message which, if the contract is accepted, is sent to the sponsoree's character account. If the contract is not accepted, the initial benefit may be sent back to the sponsor's character account.
  • the formation of a sponsorship contract may be governed by specific restrictions or prerequisites that must be fulfilled before the contract can become active. These prerequisites may be created by one or more of the players entering into the contract or by the rules of the game.
  • An example of a suitable prerequisite is the requirement that a request to enter into a contract be received during a specific time frame.
  • a particular pending contract may expire on a given date.
  • a player wishing to enter into that contract must make a request prior to the expiration date.
  • a player may specify that he or she will only entertain sponsorship requests on Tuesdays or on a specific date, e.g. December 10th, or on a specific holiday, e.g. Veteran's Day or April Fool's Day.
  • Additional prerequisites may include, but are not limited to, having a sponsor game account, having previously been a sponsoree, or having previously been a sponsor.
  • server 20 may be operable to determine whether a player has fulfilled the prerequisite requirements and create an active sponsorship agreement upon the determination that the player has fulfilled the requirements.
  • a further example of a suitable prerequisite is a list of one or more game criteria that must be met by a player before the player can enter into a given sponsorship contract.
  • Suitable game criteria prerequisites include, but are not limited to, attainment of a predetermined level in the game, attainment of a predetermined number of items, attainment of a predetermined item, attainment of a given amount of currency, amount of time spent playing the game, number of experience points accumulated in the game and the like.
  • a sponsorship contract is an agreement between two or more players where a sponsor agrees to provide an initial benefit to a sponsoree in return for a deferred benefit.
  • the initial benefit provided to the sponsoree may take the form of any game element which improves the sponsoree's likelihood of success in the game over that of a non-sponsored player who is otherwise equal to the sponsoree in all respects other than sponsorship status.
  • the initial benefit may take the form of given amount of appropriate game currency.
  • the term "item" is used in the broadest possible sense and includes, but it not limited to, objects (e.g. weapons, charms, spells armor), skills, abilities, information, etc.
  • Other examples of initial benefits include, but are not limited to, items or game strategy.
  • the initial benefit to the sponsoree may alternatively be referred to as an initial detriment to the sponsor.
  • an initial detriment to the sponsor may take place when the sponsor shares with or gives to the sponsoree an item which would have provided a benefit to the sponsor had the sponsor not shared it or given it away.
  • the sponsor receives an initial detriment when the initial benefit to the sponsoree takes the form of something which is transferred from the sponsor's exclusive ownership and/or control to the sponsoree' s exclusive ownership and/or control.
  • the sponsoree in return for receiving the initial benefit, the sponsoree agrees that the sponsor will receive a deferred benefit that is based on the sponsoree' s performance in the game.
  • the deferred benefit may be provided as a plurality of benefits distributed periodically to the sponsor, this may be referred to as a "periodic benefit.”
  • a player who successfully completes one or more predetermined requirements may earn rewards, or spoils.
  • a given task may include, for example, finding an item, killing an enemy, spending a certain amount of time in the game, solving a puzzle, or the like.
  • the rewards earned for completing the task may include, for example, an item, currency, increased skill level, increased strength, access to new areas of the game, or the like.
  • the server may be configured to bestow rewards to a player upon determining that the player has successfully completed one or more predetermined requirements.
  • the periodic benefit distributed to the sponsor represents a portion of the rewards earned by the sponsoree.
  • the distributed portion may be a percentage of the reward earned, if the reward is apportionable.
  • Apportionable rewards may include, for example and without limitation, currency and point-based items, such as experience points, health points, etc.
  • an appropriate alternate benefit may be provided to the sponsor. For example, if the sponsoree receives an item as a reward, the sponsor may be given the item, the right to take or borrow the item, or a benefit that is not the item, such as currency, experience points, health points, or the like.
  • the benefit to the sponsor may take the form of a discount on the subscription price the sponsor is required to pay in order to gain continued access to the game. It will be appreciated that the number and type of appropriate benefit that could be provided to the sponsor is nearly limitless. It should further be appreciated that many such benefits are game-dependant and that such benefits, while not specifically described, are considered to be part of the present disclosure.
  • the benefit that is provided to the sponsor may represent a negative benefit or detriment to the sponsoree.
  • the sponsoree may, in various manners, earn 50 health points, but the terms of the sponsorship agreement may require the sponsoree to forfeit 10% of any health points earned to the sponsor.
  • the sponsoree in effect, loses 5 (10% of 50) health points for being a party to the sponsorship agreement.
  • the sponsor may receive a negative benefit for poor performance on the part of the sponsoree. For example, if a sponsoree loses currency or points by failing to complete a task, e.g. by being injured or killed in a fight, the sponsor may share in the loss by also losing currency or points.
  • the server may be configured to calculate and allocate the periodic benefit (positive and/or negative) to the sponsor.
  • Server 20 may be configured to maintain a player session database in order to track a player's progress through the game and allocate benefits accordingly.
  • the information from the player session database can be cross referenced with the contract requirements stored in the sponsorship database in order to calculate any benefits due to the contracting parties and determine how benefits should be allocated.
  • Table II depicts a non-limiting example of the type of data that might be maintained in a player session database.
  • the calculation and/or allocation of benefits may be conducted in real time, as the sponsoree is playing. In this case, each time a sponsoree earns (or loses) a reward, a sponsor benefit (positive or negative) is calculated. The benefit may then be allocated immediately to the sponsor or allocated at a later time.
  • the calculation and/or allocation may be conducted at regular or irregular intervals, or upon occurrence of predetermined events. For example, the net total rewards earned (or lost) by the sponsoree during a sponsoree's player session may be identified at the end of the session and the sponsor's benefit calculated based on the net total. The sponsor's benefit may then be distributed to the sponsor immediately upon calculation of the benefit or at a later time.
  • whether or not benefits arc transferred to the sponsor in real time is dependant upon one or more predetermined conditions.
  • the predetermined conditions may comprise, for example, the game parameters in which the sponsor is currently playing, the game parameters in which the sponsoree is currently playing, the game environment in which the sponsor is playing, the game environment in which the sponsoree is playing, or any combination thereof.
  • a real time benefit may only be transferred to the sponsor if the sponsor and/or the sponsoree are in a certain game state, such as a battle or mission.
  • Each player may be associated with a player account.
  • Player account information may be maintained (e.g., by the server) in a registered player database.
  • Table III depicts a non-limiting example of the type of data that might be maintained in a registered player database. Table III
  • earned rewards and allocated benefits may be reflected in the player's player accounts.
  • Jack Smith above, may be a sponsor for player C. If player C earns $500 during a playing session, and the sponsorship agreement between Jack and player C states that Jack is to receive 10% of player Cs earnings, Jack's player account will be credited with an additional $50 in character wealth. This credit may be reflected immediately, even if Jack is not logged onto the game server. Alternatively, the credit may be posted upon Jack logging into the server or after completion of a certain predetermined event, e.g. benefits may be allocated every day at noon, or once a month after a player pays his or her monthly usage fee.
  • the player account may also include information regarding the monthly usage fee, or subscription price paid by the player.
  • the subscription price may differ from player to player.
  • players may choose between a player account that allows them to enter into sponsorship agreements, the "sponsor" account type, and a player account that does not allow them to enter into sponsorship agreements, the "regular" account type.
  • players who opt for the sponsor account type pay a higher usage fee than players who opt for the regular account type.
  • players who opt for a sponsor account could pay a lower usage fee than players who opt for the regular account type.
  • some or all of the usage fee could be based on the player's sponsorship status.
  • the usage fee could be increased (or decreased) if the player is a sponsor or sponsoree.
  • the present disclosure provides a server configured to receive a player's registration request.
  • the server may further receive a player's account information.
  • the server may then offer the player his or her choice of a regular account or a sponsor account and receive the player's response to the offer.
  • the server may then retrieve the appropriate price of the account type that is dictated by the account type selected by the player.
  • the account price may then be stored on the server.
  • the information may be stored on the player's game device.
  • the present disclosure provides a server that is operable to provide a video game that is accessible by a plurality of players, receive session data from a first player having a player account, and determine if the player is a sponsoree in an active sponsor agreement. If the sponsoree is in an active sponsor agreement, the server is operable to retrieve the conditions of the sponsor agreement, apply the conditions of the sponsor agreement to the session data, and adjust the sponsoree's playing account. The server may be further operable to identify the sponsor in the sponsor agreement and adjust the sponsor's playing account in accordance with the sponsor agreement.
  • each sponsorship contract may have a contract value.
  • the contract value may be based, for example, on the sponsor's expected earnings from the sponsoree, based on the sponsoree's past performance and the actual earnings received from other, similarly positioned, sponsorees.
  • the contract value may be calculated periodically and the calculated values tracked over time.
  • server 12 may be configured to calculate and/or track a contract value for active sponsorship contracts. This information could then be stored in the sponsorship database or any other suitable database.
  • the contract value information could be made available to the contracting parties, players having sponsor game accounts, or to the game playing community as a whole.
  • a player may be able to buy and sell active sponsorship contracts to which he or she is a party, or contracts to which he or she is not a party.
  • the sale price of an active sponsorship contract may be based on the contract value.
  • a bidding system may be used similar to that described earlier with respect to the formation of sponsorship contracts.
  • Other systems may be provided for selling and offering for sale such contracts.
  • the sale price of an active sponsorship contract may be dependent upon the status of the purchaser. For example, if the purchaser is the sponsoree in the sponsorship contract, and the sponsoree wishes to buy out the contract, the purchase price for the sponsoree (i.e. the "buy out price") may be different, higher or lower, than that offered to a third-party purchaser.
  • the present disclosure also provides methods for playing video games incorporating elements of the system described above.
  • Fig. 4 is a flowchart depicting a method according to one embodiment of the present disclosure.
  • the method comprises providing a video game that is accessible to a plurality of game players.
  • the video game may be located on a central server that is accessible to the plurality of players via a plurality of game devices.
  • the video game may be located on one or more of the video game devices.
  • the method further comprises identifying a first game player as desirous of becoming a sponsor and identifying a second game player as becoming a sponsoree.
  • the players may identify themselves by submitting a sponsorship request to a server including any contract terms or requirements they desire.
  • players may identify themselves by posting an ad in a game-related forum or chat room or in any other suitable manner.
  • the method further comprises the steps of forming a sponsorship contract between the first and second player, identifying the first player as a sponsor, and identifying the second player as a sponsoree.
  • the method further comprises providing an initial benefit to the sponsoree.
  • the method further comprises allocating one or more deferred benefits to the sponsor based on the contract and on the sponsoree' s performance in play of the game.
  • the method shown in Fig. 4 may further comprise monitoring the game play of the sponsor and sponsoree and altering the game accounts of the sponsor and sponsoree according to the terms of the sponsorship contract.
  • contracts may be provided by one or more parties to the contract prior to entering into the contract.
  • contracts may be available in which some or all of the contract terms are dictated by the rules of the game or the server.
  • some or all of the contract terms may be provided by players who are not parties to the contract.
  • the performance by the sponsoree that triggers payment of a deferred benefit to the sponsor may be any suitable performance in the game.
  • suitable payment triggers include, but are not limited to, accessing a new or more difficult level or area of the game, the accumulation of a predetermined amount of game time, the accumulation of one or more items, the accumulation of a given amount of wealth, the accumulation of a given amount or level of health or experience points, etc.
  • the method shown in Fig. 4 may further comprise determining whether the first player has met one or more requirements before forming the sponsorship contract.
  • Suitable requirements may include, but arc not limited to, attainment of a predetermined level in the game, attainment of a given amount of game currency, and/or attainment of a given item. For example, a player may have to reach level 5, accumulate $5000 cash, and/or obtain certain weapons before being eligible to be another player's sponsor.
  • some or all of the requirements may be dependant upon the position of the other party to the sponsorship agreement. For example, a sponsor may be required to be 3 levels higher, have 10 times as much wealth, or have 200 hours more playing time, than his or her sponsoree.
  • the method shown in Fig. 4 may further comprise creating a sponsorship database.
  • the sponsorship database may include sponsorship status identifiers for one or more game players.
  • the sponsorship status identifiers may indicate, for example, whether the identified player is a sponsor, sponsoree, desirous of becoming a sponsor, or desirous of becoming a sponsoree.
  • the method shown in Fig. 2 may further comprise altering the sponsorship status identifier of a player upon the occurrence of a sponsorship event affecting the player.
  • Suitable sponsorship events may include, without limitation, the formation of a new sponsorship contract to which the player is a party, the dissolution of a sponsorship contract to which the player is a party, receipt of a sponsorship request, or the offering of a sponsorship request.
  • the sponsorship database may further include requirements and prerequisites for entering into a sponsorship contract with a given player.
  • the method shown in Fig. 4 may further comprise providing a forum for players to view at least some of the information in the sponsorship database.
  • the forum may take the form of a virtual marketplace through which players can view pending, expired and/or active sponsorship contracts.
  • Fig. 5 is a flowchart depicting a method according to another embodiment of the present disclosure.
  • the method comprises providing a video game accessible by a plurality of players.
  • the video game may be located on a central server that is accessible to the plurality of players via a plurality of game devices.
  • the video game may be located on one or more of the video game devices.
  • the method further comprises forming a sponsorship contract between a sponsor and a sponsoree. Methods for forming a sponsorship contract are described in detail above.
  • the method further comprises the steps of providing an initial benefit to the sponsoree, providing an initial detriment to the sponsor, and providing a periodic benefit to the sponsor based on the sponsorship contract and the sponsoree's performance in the game.
  • the method shown in Fig. 5 may further comprise allowing another player to replace the sponsor or sponsoree in the sponsorship contract upon fulfillment of a condition.
  • the condition may be, for example, payment of a contract price, if the purchaser is not already a party to the contract. One or both parties to the contract may or may not be allowed to reject the purchase.
  • the contract price may be determined by the game server, by the game rules, by the parties to the contract, or by an auction-style bidding system.
  • the condition may be, for example, payment of a buyout price, if the purchaser is currently a party to the current contract.
  • the sponsoree may be able to terminate the sponsorship contract by paying the buyout price to the sponsor.
  • the sponsor may or may not be allowed to reject the purchase. If an auction-style bidding system is used, the server may be configured to identify the winning bidder. Alternatively, the bids may be submitted to one or more parties to the contract and one or more of the parties may select the winning bid.
  • Fig. 6 is a flowchart depicting a method according to another embodiment of the present disclosure.
  • the method comprises accessing a video game.
  • the video game may be stored on a central server and accessible via a game device in electronic communication with the central server.
  • the video game may be stored on the video game device and the central server may facilitate game play and player to player interactions.
  • the method further comprises identifying as either a sponsor or a sponsoree. Methods for players to identify themselves as either a sponsor or sponsoree are described in detail above.
  • the method further comprises requesting formation of a sponsorship contract with another player. This request may be submitted, for example, to the central server and may be made with or without the knowledge of the other player.
  • the method further comprises entering into a sponsorship agreement with another player and either: receiving an initial benefit upon entering into the sponsorship agreement and receiving a periodic detriment during the course of the game; or, receiving an initial detriment upon entering into the sponsorship agreement and receiving a periodic benefit during the course of the game.
  • the method of Fig. 6 may further comprise accessing a database containing information regarding players wishing to enter into a sponsorship agreement and selecting a player with whom to enter into a sponsorship agreement.
  • the step of selecting a player may be performed by offering a bid including at least one desired term for the sponsorship agreement.
  • the method of Fig. 6 may further comprise requesting termination of a sponsorship agreement.
  • the request to terminate the sponsorship agreement may take the form of an offer to purchase the agreement.
  • Another method comprises the steps of providing a video game, identifying a first video game player as desirous of becoming a sponsoree, and receiving bids form other video game players for the right to become a sponsor for the first player.
  • the method may further comprise each bidding player needing to fulfill at least one condition before bidding on the right to become a sponsor.
  • the at least one condition may comprise, for example and without limitation, ownership of a predetermined amount of wealth or offering the bid during a given time frame.
  • the disclosure provides a server that is operable to: communicate with a plurality of game devices, wherein each game device allows at least one respective player to access the server; facilitate play of a game between the plurality of players; identify a first player as a sponsor; identify a second player as a sponsoree; create a contract between the sponsor and the sponsoree; provide, to the sponsoree, an initial benefit from the sponsor based on the contract; and allocate, to the sponsor, a plurality of periodic benefits based on the contract and on the sponsoree's performance in play of the game.
  • the game may, for example be a massive multiplayer video game.
  • the server may be further operable to receive a sponsorship request from a first player.
  • the server may be further operable to conduct an auction wherein players bid for the right to become a party to a sponsorship contract.
  • the sponsorship request may be in the form of a bid during the auction.
  • the server may be further operable to: maintain a database including sponsorship information and/or create and maintain a player account for each player.
  • the player account may include, as a non-limiting example, information regarding the usage fee paid by the player for playing the game.
  • the server is further operable to alter the usage fee for a player based on the player's sponsorship status.
  • the server may be further operable to increase or decrease the usage fee if the player is a sponsor, or increase or decrease the usage fee if the player is a sponsoree.
  • the server may be further operable to identify one or more prerequisites for entering into a given sponsorship contract.
  • the prerequisite may include, for example, a timeframe during which a request to enter into the contract must be received in order for the contract to be accepted, or one or more game criteria that must be met by a player before entering into the given sponsorship contract.
  • game criteria include: attainment of a predetermined level in the game, attainment of a predetermined number of items, attainment of a predetermined type of item, and/or attainment of a given amount of game currency.
  • the server may be further operable to determine whether a player has fulfilled the requirements and create the sponsorship contract upon a determination that the player has fulfilled the requirements.
  • the server may be further operable to calculate a contract value for an active sponsorship contract.
  • the contract value may, for example, be calculated periodically.
  • the server may be further operable to track the contract value over time.
  • the server may be further operable to facilitate the sale of an active sponsorship contract.
  • the contract value may, at least in part, be dependent upon the status of the purchaser.
  • a first contract value may be calculated if the purchaser is a current party to the contract and a second contract value may be calculated if the purchaser is not a current party to the contract.
  • the current disclosure provides a method comprising: providing a video game accessible to a plurality of game players; identifying a first game player as desirous of becoming a sponsor; identifying a second game player as desirous of becoming a sponsoree; forming a sponsorship contract between the first and second player; identifying the first player as having a sponsorship status of sponsor; identifying the second player as having a sponsorship status of sponsoree; providing an initial benefit to the sponsoree; and allocating one or more deferred benefits to the sponsor based on the contract and on the sponsorcc's performance in play of the game.
  • the performance that triggers a periodic benefit to the sponsor may be the accumulation of a predetermined amount of game time.
  • the method may include determining whether the first player has met one or more requirements before forming the sponsorship contract.
  • appropriate requirements include: attainment of a predetermined level in the game, attainment of a given amount of game currency, and/or attainment of a given item.
  • the predetermined level may be calculated, at least in part, on the level of the second player.
  • the method may further comprise creating a sponsorship database.
  • the sponsorship database may include, for example, sponsorship status identifiers for one or more game players.
  • the method may include altering the sponsorship status identifier of a player upon the occurrence of a sponsorship event affecting the player.
  • sponsorship events include: the formation of a new sponsorship contract to which the player is a party, the dissolution of a sponsorship contract to which the player was a party, a sponsorship request offered by the player and/or, a sponsorship request offered to the player.
  • the sponsorship database may include requirements for entering into a sponsorship contract with a given player.
  • a forum may be provided for players to view at least some of the information in the sponsorship database.
  • the method may further provide a virtual marketplace through which players can view unactive sponsorship contracts.
  • the present disclosure may provide a method comprising: providing a video game accessible to a plurality of players; forming a sponsorship contract between a sponsor and a sponsoree; providing an initial benefit to the sponsoree; providing an initial detriment to the sponsor; and providing a periodic benefit to the sponsor based on the sponsorship contract and the sponsoree's performance in the game.
  • the method may further comprise one or more of the steps of: receiving a first offer from a first player desirous of becoming the sponsor in the sponsorship contract; receiving a second offer from a second player desirous of becoming the sponsor in the sponsorship contract; awarding the sponsorship contract to the player submitting the offer that is most advantageous to the sponsoree; or allowing the sponsoree to determine to which player the sponsorship contract is to be awarded.
  • the method may further comprise one or more of the steps of: receiving a first offer from a first player desirous of becoming the sponsoree in the sponsorship contract; receiving a second offer form a second player desirous of becoming the sponsoree in the sponsorship contract; awarding the sponsorship contract to the player submitting the offer that is most advantageous to the sponsor; or allowing the sponsor to determine to which player the sponsorship contract is to be awarded.
  • FIG. 7 Another exemplary system 1OB is shown in Fig. 7.
  • the system may include a server 20 in communication with a game device or console 18, through which a player 19, may access an online video game 18 hosted on (or otherwise controlled by) the server.
  • Server 20 may further comprise a plurality of databases and/or modules which facilitate game play. These databases or modules may be provided as part of video game 18, or may be provided separately. It will be appreciated, that, while shown being hosted on the same server, these databases or modules may, in fact, be hosted separately or together on any combination of servers and or game consoles. Examples of suitable databases and modules include, for example, contracts database 40, which may include data related to sponsorship contracts in the online game environment.
  • Suitable information includes, but is not limited to information related to the creation, status, terms, parties, etc., associated with any pending, active, or expired contracts. Some or all of the information maintained by the contracts database may be available to players. Accordingly, the system may include a contracts database user- interface 42.
  • a sponsorship contract is an agreement between two players in which the sponsoree receives an initial benefit from the sponsor in return for an agreement that the sponsor will receive a plurality of periodic benefits based on the terms of the contract and the sponsoree's performance in play of the game.
  • system 1OB may further include a benefit calculation module configured to identify when a benefit is owed to the sponsor based on the terms of the contract and bestow the benefit to the sponsor.
  • System 1OB may further include a player database 46, which may track and maintain information related to player accounts. Examples of the types of player account-related information that could be maintained in player database 46 is described above and shown in table III.
  • system 1OB may be configured to calculate a value for a sponsorship contract and allow for the selling and purchasing of sponsorship contracts based on the calculated values.
  • system 1OB may include a contract value calculation module 48, and a contract market 50. Tf the system allows for auction style sales of sponsorship contracts, system 1OB may further include an auction module 52.
  • the present disclosure provides for a virtual environment in which players are able to form virtual contracts and guarantee their performance of obligations in a contract by securing such performance with a real world financial instrument such as a credit card.
  • This type of performance guarantee allows for the formation of various financial institutions and arrangements in the virtual world.
  • the present disclosure provides systems and methods for providing various finance options to players accessing a virtual environment.
  • a typical data processing system generally includes one or more of a system unit housing, a video display device, memory, processors, operating systems, drivers, graphical user interfaces, and application programs, interaction devices such as a touch pad or screen, and/or control systems including feedback loops and control motors.
  • a typical data processing system may be implemented utilizing any suitable commercially available components to create the gaming environment described herein.
  • Various embodiments of the invention address this issue by providing easy to use, yet sophisticated means for acquiring goods and services in a virtual environment. Such means allow for complex transactions by players and increase the complexity or richness of interactions between players thereby increasing the enjoyment and longevity of the game.
  • Characters in a virtual environment are frequently desirous of goods or services including game aspects, virtual items, virtual services such as assistance with solving missions, and virtual attributes to facilitate their play and increase their enjoyment of the game.
  • goods or services can be offered by any means generally used in the real world to provide goods or services such as through a virtual store or business, an auction, advertisements, listings, postings, mailings whether virtual or real, solicitations, individual character offerings, etc.
  • Real representations of virtual items may also be acquired both in the virtual environment and the real world.
  • a shopping character may browse available goods and services and/or all possible goods and services.
  • the shopping character may be able to view the item through a screen or pop up window, or other means of viewing virtual items, may view a description of the item, may purchase the item based on the name, or may randomly purchase items that may or may not be of value.
  • the purchase price of an item may be displayed to the user in one or more real or virtual currencies.
  • the player may indicate which currencies he would like to see displayed.
  • the player may make a currency display selection at any suitable time including, but not limited to, the time of purchase, or during an initial character set up period.
  • the game system may employ certain default currency display settings. For example, the game system may identify a default real world currency for display based on the billing address supplied by the player. For example, the player's real world billing address is listed as being in France, the price of any items the player considers purchasing may be displayed in Euros.
  • the shopping character may opt to acquire the item.
  • the good or service may be purchased outright, obtained through trade or barter, or acquired through a financing agreement. Once the good or service is purchased, regardless of means, it may then be transferred to the virtual inventory of the character. In some embodiments, for example in a layaway type purchase, there may be a delay in the transfer of the item to the character's inventory. A single transaction may take place between two or more characters.
  • the good or service is purchased outright. Such a purchase may be accomplished using real and/or virtual currency.
  • the price of the good or service may be fixed, negotiable, or subject to market forces. For example, in an auction, the price of the good is variable depending on the number of characters who are interested in the item. In most stores, the price of an item may be fixed based on the calculations of the store owner. In sales such as garage sales, second hand transactions, or direct character to character transactions, the price may be negotiable.
  • the good or service is acquired through a trade or barter transaction.
  • Such transactions may take place according to any means used to exchange goods and services.
  • one party may directly trade or barter with another party.
  • the barter or trade may take place through an exchange intermediary.
  • multi-way barter transactions are facilitated.
  • An exchange intermediary may be, for example, a local exchange trading system.
  • a local exchange trading system uses a local credit unique to the exchange trading system so that direct swaps do not need to be made. For instance, a character may earn local credit by performing a service for one character and spend the local credit later by buying a good from a different character in the same network. Transactions are recorded in a central location open to all members such as in Exchange Trading Database 120 in Figure 8.
  • Exchange trading systems may also extend between virtual worlds, such that the local credit of the exchange trading system can be earned in one game and used in another game.
  • an exchange trading system is managed by the game server, a group of two or more player characters, or a third party facilitator.
  • the game server may accept any items offered by the purchaser. In one embodiment, the game server may only accept items from the player character that are in demand.
  • a database such as item database 118 maybe created listing all items or services available for use within the virtual environment. Another database may be created listing all goods or services that characters are seeking. Alternatively, or jointly, a database may be created listing items that characters are willing to sell. Such databases may exist independently or may be cross-referenced to each other.
  • such database(s) may reside in whole or in part at the game server or game consuls or a combination of these, e.g., each player may maintain a local database or a local database of pointers to yet another database. Characters or players may view such listings, or may be notified when a match or a near match occurs. Such notification may occur through electronic mail, virtual mail, regular mail, instant messaging, screen alerts, cell or regular phone messages, pager or any other type of notification commonly used in a real or virtual environment.
  • Exchange Trading Database 120 may be configured to create transactions using some or all of the following method steps:
  • a seller may have a list of items which are acceptable for trade.
  • the particular goods or services in which the seller is interested may be stored by any means applicable, for example in Exchange Trading Database 120.
  • Such information may be stored using some or all of the following method steps:
  • the game server, exchange server or other database server may fulfill an exchange offer using all or some of the following steps:
  • items stored may have a virtual or real currency value associated with it.
  • Players may search listings of items by name, type, or other identifiers or by such valuation.
  • a valuation may be stored that is determined by the game server, another value may be assigned by the owner of the item, while yet a third value might be determined based upon a free market or exchange.
  • currency equivalents may be established so as to speed negotiations, exchange, bartering, bartering among multiple parties and/or with transactions with multiple otherwise dissimilar items and/or any combination of these, e.g., multiple dissimilar items being partially bartered, partially traded for currency among multiple unrelated players.
  • Such transactions can be conducted between any number of characters, for example a first character may have an item a second character wants and a second character may have an item a third character wants while the third character may have an item the first character wants.
  • a transaction such as that outlined above could be conducted between all three players so that each player obtains the item(s) they desire.
  • each item could be held by a server and the value of the item converted to a virtual currency which could be used to purchase goods and services on that server.
  • players can trade items using a mix of bartered items, currencies, promises to pay, promises to perform services, etc.
  • the server or exchange trade facilitator may convert the item to a common currency at a fixed price, or the price/local credit may fluctuate based on the demand.
  • the game server or other facilitator may auction the item and credit the offering player with the amount acquired from the auction.
  • Such an auction may have a reserve price or may not include a reserve.
  • All barter and trade transactions including those mediated by exchange trading systems may be used alone, or in combination with other forms of payment.
  • an exchange, trading post, or bartering system is used and hosted or provided by a third party or the game server or any other player(s)
  • Such fees may be paid in real or virtual currency.
  • Such fees may be collected before, during, or after the transaction. Fees may be based upon the value of the items exchanged, or a percentage of the total transaction, or may be a fixed fee. Such fees themselves may be paid through barter or other methods as described herein.
  • player characters and other in-game entities may have access to one or more virtual financial institutions such as a virtual bank.
  • Virtual banks are described, for example, in co-pending U.S. Patent Application Serial Nos. 1 1/535,585, "Financial Institutions and Instruments in a Virtual Environment,” filed September 27, 2006 and 11/421,025 "Financial Institutions and Instruments in a Virtual Environment” filed May 30, 2006, each of which is hereby incorporated by reference.
  • Such virtual banks may be able to provide characters access to currency in one or more different virtual or real world denominations.
  • a virtual bank, financial institution, or other entity may be capable of converting currency from one denomination to another. One or more fees may be charged for such currency denomination conversions.
  • a financing option may be used.
  • Financing options may be any type of financing used in the real world, including, but not limited to, rentals, leases, installment plans, rent to own agreements, lease purchase agreements, hire purchase agreements, closed-end lease agreements, credit purchases including credit cards or other credit instruments, any means generally used to finance goods or services in the real world, or any combination thereof.
  • Financing options may be requested or offered at any time during the game. They may be established prior to making purchases such as through virtual or real credit cards, debit cards, lines of credit, etc. or offered during or after a purchase is initiated in the form of installment plans, hire purchase plans, rentals, leases, installment plans, rent to own agreements, lease purchase agreements, closed-end lease agreements, "store" credit cards or other credit arrangements.
  • a finance option may be dynamically calculated based on, for example, factors such as the price of item the character wishes to purchase, characteristics of the character wishing to make the purchase, the availability of the item the character wishes to purchase, etc. Accordingly, as these factors may well fluctuate from transaction to transaction, the finance options offered may similarly fluctuate.
  • the game server may control which entities are allowed to offer and arrange financing agreements.
  • an entity may be required to have a license in order to offer financing agreements.
  • Licensing may be controlled, for example, by the game server, game manufacturer, one or more players, or any other real or virtual entity or group of entities. Licenses may or may not be available for purchase and/or resale. The number of licenses in a given virtual environment may or may not be limited or controlled.
  • the game server or other intra- or extra-game entity may control which characters or entities in the virtual environment may receive financing offers and/or enter into financing agreements.
  • a character may be required to have a real world credit card on file and may further be required to authorize that the real world credit card can be used as a guarantee against any financing agreements entered into by the character before the character is allowed to receive financing offers or enter into a financing agreement.
  • system 1OC configured to provide the virtual environment described above is shown in Fig. 8.
  • system 1OC may include a game server 102, a financial agreement server 104 and a Credit Server 106.
  • Game server 102 may include multiple databases, including, for example, a Player Database 110, Player Character Database 112, Financing Agreement Database 1 14, Market Database 1 16, Ttem Database 1 18, and Exchange Trading Database 120.
  • Financial Agreement Server 104 may include a Financial Agreement Database 122, an Interest Rate Determination Program 124, a Financing Offer Database 126, an Exchange Rate Determination Program 128, a Fee Determination Program 130, a Collateral Database 132, and an Insurance program 154.
  • Credit Server 106 may include a Lock Credit Line Program 140, a Ping Credit Line Program 142, a Release Credit Line Program 144, an Account Database 146, an Escrow Database 148, a Margin Database 150, and a prohibit Sale of Virtual Assets Program 152.
  • the financing module is integrated, embedded or is otherwise in communication with anything that is or can promote or offer such financing, including, but not limited to the game server or game consul and/or any one or more players or characters or NPCs that serves as a/an: a) banker b) lender, c) broker, d) salesman, e) wholesale or retail business, f) financing agency, g) online or virtual business, or any other entity or application that provides or can provide a financing option.
  • a financing module is integrated or embedded in the virtual shopping cart of a virtual environment.
  • Such a module may be activated automatically when an item is placed in the shopping cart as seen in Figure 12, or may be turned on or off by the character making the purchase, the seller, or third party providing the service. For example, some characters may opt not to be offered financing agreements or certain financing agreements. In another embodiment, financing agreements may be separately applied for by the purchaser as in Figure 6 or offered prior to the placement of a good or service in a virtual shopping cart, for example when a character account is created.
  • a financial agreement may be generated using exemplary system 1OD in Figure 10.
  • a system may include a central server 320, a Finance Agreement Generating Program 312, a Finance Agreement Enforcement Program 314, an Asset Liquidation and Redistribution Program 316, a Credit Card upsell program 318, and a Virtual Cash to Real Cash Exchange Program 320.
  • Finance Agreements may be generated using Finance Agreement Generating Program 312 which may use some or all of the following steps:
  • the finance module calculates and presents one or more finance agreement offers to the buyer: 40LD a month for 6 months, 25LD a month for 12 months or 15LD a month for 24 months. If the buyer accepts one of the offers, the credit card associated with the player account is "pinged" to ensure there is an adequate balance and a virtual financial agreement is created. The seller is paid 200LD plus a IOLD fee and the buyer is given the virtual product. On a specific date of each month, the player character is notified that a payment is due. If the payment is not made, the player may be given the option to pay the obligation with real or virtual cash or the credit card associated with the account is charged the real cash value of the payment plus an optional processing fee and/or penalties. In addition or in the alternate, the player may establish that payments be made automatically so as to avoid any such processing, late or other fees and penalties.
  • multiple entities may offer competing financing terms to a buyer.
  • the offers may vary on terms and include any number of incentives.
  • the buyer may then accept any offer or reject all of them.
  • the buyer may be presented with a pop-up window or other user-interface that allows the buyer to review any and all financing offers and then accept or reject them as desired.
  • the user-interface may be provided to the buyer at any suitable time including, for example, when a character enters a store, accesses a list of available items, signs into the virtual environment, places an item in a shopping cart, in response to a request from the buyer, etc.
  • the buyer may be allowed to make a counter offer in response to an initial or subsequent financing offer.
  • the buyer and financing entity may then engage in negotiations in order to reach a satisfactory agreement.
  • either the buyer or the financing entity may be provided with a means by which they can automatically accept or reject offers or counter offers based on identified criteria.
  • additional fees may be payable, for example, to an entity offering the financing option, such as the game manufacturer or a real world third party that has created a financing module that is compatible with and/or accessible to characters within the virtual environment.
  • Such fees may be charged on a per transaction basis, as a percentage of the finance option agreed upon, or using any other means.
  • financing agreement-related fees may be paid to the seller of the goods or services. Again, such fees may be charged on a per transaction basis, as a percentage of the finance option agreed upon, or using any other means. In this case, the seller may or may not be the originator of the finance offer.
  • financing companies may offer various incentives to sellers to encourage the sellers to provide financing offers to buyers.
  • Incentives may include, for example, different up front and/or revenue share fees or other virtual or real world benefits.
  • Such a system 1OD may further include any number of suitable databases.
  • it may include a Player Database 322, a Player Character Database 324, a Finance Agreement Database 326, and a Virtual Financial Intermediary Database 328.
  • Financing agreements may provide financing for part, or all, of the amount due.
  • the financing offered may include virtual cash, real cash, or combinations thereof. Regardless of when they are offered or how they are generated, sellers or third parties offering financing agreements may offer such agreements to some or all purchasers.
  • financing agreements, or particular types of financing agreements, or particular terms in financing agreement may be only offered to characters who meet particular criteria, including, but not limited to, creditworthiness of the character or player, the credit history of the player, the virtual and/or real credit history of the character applying for the loan, the real world credit lines available to the requestor; past delinquency rates; the length of time the character has existed; the skill level of the character and/or player; the assets (tangible or intangible) held by the character; as well as any other type of information typically used in evaluating credit worthiness of a borrower; market forces, real world financial indicators, virtual world financial indicators, the bank or other lending entity's current portfolio (real or virtual), the growth rate of the game, the type of player account, inflation rates, the purpose of the financing, or other financial evaluators.
  • the bank may verify the character's virtual credit score.
  • the lender may verify the player's real world credit score or a combination or real and virtual credit scores.
  • Virtual and real credit scores may be based on information such as the types of bills owed by the character/player, the timeliness of payments, loans outstanding, credit lines available, length of credit history, new credit applications, income, marital status, length of time playing the game, information regarding creditworthiness, or any combination of the above.
  • financing agreements may be offered to every character.
  • Information regarding the players or the player character for use in determining offers may be stored by any means applicable including, for example in player database 322 and player character database 324.
  • Player database 322 may include information about each player who accesses the game. This information may be provided to the game sever by a player when the player registers to play the game, or at any other suitable time or using any suitable means. Examples of player information include, but are not limited to: player character ID, character personal information, player character billing or financial information, character real currency account information, and player characters).
  • Player character database 324 may include information about each player character that participates, or is able to participate in a game. Accordingly, it is understood that a player may create and control more than one player character. Examples of information the player character database may maintain include, but are not limited to: character name, character nickname or handle, virtual cash currency preferences, virtual cash account, account number, account balance, and virtual inventory. Of course it will be understood that for many of these information categories, a given player character may have multiple entries. For example, each character may have multiple accounts and/or attributes.
  • the terms of the financing agreement may be determined by the lender, including the seller, the game server, the owner of the server, by agreement between the characters, or by any other party to the negotiations.
  • the terms may include such things as the amount to be financed, the type of collateral or other guarantee that will be required, the interest rate for the agreement, the term of the agreement, the payment schedule for the agreement, any fees or penalties that may be incurred, an annual percentage rate, or any combination thereof.
  • the character may be able to vary one or more of the terms of the financing agreement such as interest rate, due date, grace period, penalties, service charge, transferability, fees, automatic repayment, payment of other obligations, and. exchange value.
  • the system may adjust certain or all of the other unmodified terms. For example, if the character requests or otherwise changes the due date, the lender or the system may change the interest rate accordingly. In another embodiment, the terms are dictated by the lender or game server.
  • Finance Agreement Database 326 may include information about any virtual agreements entered into by player characters. Examples of information the database may maintain include, but are not limited to: agreement ID, player character ID, Player character type, agreement type, collateral, and finance agreement obligation(s). Of course it will be understood that for many of these information categories, a given finance agreement may have multiple entries. For example, a given agreement entered into by a given player character may have numerous obligations which can be tracked and maintained, by the finance agreement database. Examples of finance agreement obligation information that could be tracked and maintained by the contract database includes, but is not limited to: player character, obligation type, obligation amount, obligation date, obligation penalty, obligation security item(s) or amounts, obligation grace period, obligation warning message, and default rules.
  • a limit on the amount that may be financed at any one time or by a given character or player may be set by a) the game manufacturer, b) the owner(s) of the server(s) upon which the game resides, c) one or more player characters, d) market forces, e) negotiation among the affected parties, f) the player character's virtual or real net worth, g) debt to equity ratio, h) total virtual amount, i) total monthly payment amount, j) other financial constraints established by the lender, or k) virtual or real world rules and regulations, 1) the player character's real or virtual income, or m) any other player character attribute, or n) any combination thereof.
  • Such limits may apply to the borrower, the lender, or both.
  • one or more options of financing agreements or terms of financing agreements may be presented to the character. If the character accepts a virtual finance option, the selling entity is credited the full amount of the purchase or as otherwise agreed by the parties to the negotiation. Additionally, the seller may receive a portion of the fees and interest charged by the financing module or other lending agent. Such fees may be a flat fee, and/or a percentage of the fees and/or interest charged by the financing module. The fees and interest may be paid to the seller at any time determined by the agreement between the seller and the owner of the financing module. For example, the fees and interest may be awarded when the financing agreement is executed, periodically as they are paid by the purchaser, or after completion of the financing agreement.
  • the financing agreement offered is an installment plan. Payments may be made at regular intervals until the principal and interest are paid in full. In one embodiment, a deposit may be required along with an initial payment. In another embodiment, a deposit may not be required. The intervals at which payments occur may be dictated by the seller or may be chosen by the purchaser. In one embodiment, the intervals may be altered during the term of the agreement. In another embodiment, the intervals are fixed for the duration of the agreement. In one embodiment, the seller retains the item until all installments are paid, for example, as in a "layaway" plan. In another embodiment, the goods or services are immediately transferred to the buyer.
  • the item may be rented.
  • the rental agreement may be explicit, implied, or written.
  • the rental agreement includes the parties, the property, the term of the rental, and the amount of rent for the term, the type and frequency of payments.
  • a rental may or may not require a deposit to be held pending the return of the item. Such a deposit may or may not earn interest which may be awarded to the renter upon completion of the rental or retained by the rental agent.
  • the financing option may be a rent to own agreement.
  • a "rent to own agreement" is a means for acquiring ownership over time without acquiring debt. In such an agreement, the item will be owned by the buyer when the rental term is completed. The item may also be returned by the buyer at any time.
  • Such agreements may require down payments, credit verification, or other form of security to guarantee the agreement.
  • a final payment (e.g., $1 or 10% of the original sales price) may be required to effect transfer title from the owner to the buyer.
  • the financing option may be a hire purchase agreement.
  • a "hire purchase agreement” the contract allows the buyer to hire the goods for a monthly rent.
  • a sum equal to the original full price plus interest has been paid in equal installments, the buyer may then exercise an option to buy the goods at a predetermined price (usually a nominal sum) or return the goods to the seller.
  • Such agreements may require down payments, credit verification, or other form of security to guarantee the agreement.
  • the financing option may be a closed-end lease agreement.
  • a closcd-cnd lease allows a person the use of property for a fixed term,, and the right to buy that property for the agreed residual value when the term expires.
  • the item being leased may not be owned by the lessor, the lessor may acquire the property from a third party for a certain amount with the lessee providing an offset amount against the capitalized cost and the lessor's cost of financing the purchase.
  • the total lease cost may then be paid in a lump sum or amortized over the term of the lease with periodic payments.
  • the owner of the good or service may further permit a purchase to be made on credit.
  • the owner may delay payment for the particular good or service until a later date. Payment may be made in combination with other types of financing, such as delaying the start date of an installment plan, or payment may be due in full upon the later date, or any combination thereof.
  • the seller, game server or third party may allow the buyer to apply for a credit card to secure the financing agreement or to be used instead of an alternate financing agreement.
  • a credit card may be provided similarly to real world store credit cards, where an application is completed and may be granted on the spot.
  • such a credit card may be a "secured credit card.” Offers may be generated by any means applicable, for example by credit card upsell program 318 using some or all of the following steps:
  • such credit cards may be offered upon creation of a game account using some or all of the following steps:
  • financing option or agreement may also provide for certain charges or fees for currency conversion.
  • certain charges or fees for currency conversion For example, in the event that an amount of virtual currency is loaned, if the value of the virtual currency changes during the term of the loan, the total loan amount due or each payment due may be modified to reflect such changes in the value of the virtual currency as compared with another virtual or real currency as required by the financing agreement.
  • Incentives or virtual benefits to open an account can take any form designed to entice a player or character to apply for an in game credit card.
  • the incentive could be in the form of a preferred interest rate, an extended grace period, virtual cash back, reduced or no fees for the credit card or for game play for a prescribed period, or points towards or useful for the purchase or to acquire game parameters or attributes.
  • the card can be issued with a certain amount of credit line that can be used to secure contracts with no payment obligation for the player. For example, the player could be given $50 worth of credit line to use to secure against in game contracts. If the player defaults on a contract in the game, the game can automatically charge the credit card, account the specified amount along with any applicable fees or penalties. As long as that amount is less than $50, then the player is not obligated to pay off the balance on the credit card.
  • Financing agreements may include fees for the financing options including, but not limited to, interest payments, exchange fees, servicing fees, credit verification fees, processing fees, insurance fees, application fees, late payment fees, prepayment fees, penalties, taxes, currency conversion, etc. Fees may also be levied for the right to offer or use or assign financing agreements. For example, a player or business interested in providing financing options may be required to have a premium account or may be required to pay a one time or recurring flat fee, per transaction fee, a fee based on a percentage of the transaction, the current or estimated depreciated value of the purchased item or good, or any combination of the above.
  • Fees such as interest rates may be fixed in that the rate does not change for the duration of the game or segment of the game.
  • the interest rate may be pegged to a floating real world or virtual world interest rate, a percentage thereof, or an interest rate plus or minus a particular sum (i.e. prime +/- 2%).
  • interest rates may be determined in whole or in part by a currency exchange rate, e.g., during the term of a loan, any change in the exchange rate of two or more related virtual currencies and/or between a real and the loan virtual currency may cause a change in the interest rate.
  • An exemplary real world interest rate would be the three month U.S. Treasury bill yield to maturity.
  • the interest rate may be determined by market forces such as exchanges in the virtual or real world or other economic indicators. Said interest rates may further be established or determined by any suitable method including, but not limited to, a) the game manufacturer, b) the owner(s) of the server(s) upon which the game resides, c) one or more player characters, d) market forces, e) negotiation among the affected parties, f) the availability of funds, g) the current or predicted real or virtual credit score of the player, h) the current ratio of bank funds on deposit vs.
  • Interest rate calculations and interest rates for a particular agreement may be calculated by any means applicable, for example using Interest Rate Program 124.
  • Financing options may require collateral or some other form of guarantee.
  • the guarantee may be any form of asset or financial instrument, whether real or virtual that can be used to underwrite a default or otherwise secure or guarantee the financing option.
  • Such guarantees may include a real or virtual credit card number, bank account number, brokerage account number, PayPal account number or that of another third party facilitator, prepaid card number, credit line from a bank or other lending institution, debit card number, or other monetary account, e.g., a stock, mutual fund or other financial accounts.
  • collateral may be provided by permitting billing to an account owed to a third party, for example, a cell phone account such as one offered by Cingular Wireless, a standard telephone account such as one offered by Qwest Communications, an Internet Service Provider Account such as one offered by Earthlink, a cable account such as one offered by Comcast, or a DSL account such as one offered by Qwest Communications.
  • the collateral or guarantee may be provided by the buyer or by a third party for example, a co-signor, or the third party may be independent of the transaction.
  • Collateral may be an item, which the game or other entity may prevent or forbid the sale, destruction, encumbrance, or transfer of said collateral until such time as the loan is partially or fully repaid.
  • Virtual Financial Intermediary Database 328 may include information related to the methods and financial instruments used to guarantee Financial Agreements.
  • the virtual bank database may include information including, but not limited to: player character owner, player character owner credit card number, account balance, maximum deposit limit, interest rate, interest payment schedule, player character account, and Financing Agreement number.
  • the player character account information may include numerous sub-categories of information including character ID, character balance, character interest rate, and interest payment schedule.
  • the finance agreement information may include sub- categories of information including character TD, finance agreement amount, payment(s), interest rate, and credit card number.
  • the guarantee is an escrow account.
  • the buyer or provider of the guarantee delivers an asset(s) to a third party to be held in trust pending a contingency or the fulfillment of a condition or conditions in a financing agreement such as the payment of a purchase price.
  • the third party holding the asset(s) will deliver the asset to the proper recipient.
  • assets of the purchaser may be held in escrow to guarantee payment.
  • the assets are released back to the purchaser. If the purchaser fails to make the payments, the assets may be liquidated to compensate the buyer.
  • the asset being purchased and the purchase payment may both be put in escrow to be released at some mutually agreed upon time or condition.
  • items held in escrow can be exchanged for other items of similar or greater value.
  • items placed in escrow must remain in escrow until completion of the financing agreement.
  • the guarantee may be provided by a margin account.
  • Margin is collateral deposited to cover the credit risk of a counter party.
  • Such an account may be opened by the purchasing character, a financial entity, the game server, or a third party character.
  • such an account is provided to a character once certain game attributes, skills or a particular level have been obtained.
  • a third party character may "vouch" for another character, providing virtual credit or some other form of collateral to guarantee the payments of the buyer.
  • the collateral is a real world credit line, credit card, or bank account.
  • the real world credit line, credit card, or bank account may be associated with the player account for that particular character, or the character may opt to enter a different credit line, credit card, or bank account.
  • the player may indicate the amount of collateral in the form of the real world credit line, credit card, or bank account he is willing to allocate to secure the financing agreement.
  • real world credit lines, credit cards, or bank accounts can be frozen by the virtual business, game server or financial intermediary and/or just periodically "pinged" to ensure their validity and that sufficient credit or cash is available to underwrite the financing agreement.
  • the continuing availability of the real world credit line, credit card, or bank account may be determined by any means applicable.
  • Ping Credit Line program 142 may be configured to complete some or all of the following steps:
  • the system could receive notification that the real world credit line, credit card, or bank account is no longer valid.
  • the financial intermediary, system, game owner, server owner, or other debt holder may require payment in full of the remaining amount in the financing agreement, require the player to provide a new credit line, require additional collateral to secure the financing agreement, secure a secondary line of credit which was previously provided or may be secured from other player characters, notify other characters of the opportunity to purchase a financing agreement, foreclose on virtual assets held by the defaulting character, freeze the virtual accounts of the character or player, or any combination thereof.
  • Release Credit Line program 144 may be configured to:
  • Release Credit Line program 144 may be configured to:
  • Such programs could also be used on virtual credit cards or other monetary accounts.
  • a player may be able to opt in to using the credit card to which monthly player fees are charged as security for any virtual obligations incurred in the virtual environment.
  • only those characters whose players have opted in with a credit card on file are eligible to receive virtual financing offers and/or enter into virtual financing agreements.
  • factors such as game growth rates, taxes, inflation and/or exchange rates, credit worthiness of the character or player, purpose of the financing agreement, the amount of debt the character has outstanding or any combination thereof may be considered in determining the total amount to secure on the real world credit line.
  • Such determinations and evaluations may be made by a) the game manufacturer, b) the owner(s) of the server(s) upon which the game resides, c) one or more player characters, d) market forces, e) negotiation among the affected parties, f) the seller, g) any combination of the above.
  • the amount of a real world credit line to be frozen can be based on the exchange rate of virtual currency for real currency.
  • the exchange rate could be one for one.
  • the exchange rate may be based on the exchange rate at the time of the formation of the financing agreement. It may also be based on the exchange rate at the time the player's credit card is charged.
  • the exchange rate may be adjustable for the term of the financing agreement.
  • a player can purchase a play time card that allows them to play for a specific period of time.
  • a portion of the credit on the card may be frozen to secure virtual obligations in the game environment.
  • said play time card may be replenished or reinstated, i.e., when the card has an amount less than the original amount, an amount may be added to the balance to bring the balance back to the original amount or some other amount.
  • a character may agree to perform services in exchange for other goods or services.
  • a good or service may be paid for with a combination of other goods, services, currency and/or financing agreement.
  • payment for a good or service may be made in virtual cash.
  • payment may be made in real cash. Payment may also be made by transferring money from an account whether virtual or real.
  • Such an account may be a bank account such as a checking of savings account, a money market account, a brokerage account, a prepaid card, an account with a third party facilitator such as PayPal, a credit card account, from a credit line with a bank or other lending institution, or other monetary account.
  • the account may belong to the player, player character, or a third party. Payments may also be made using any combination of two or more of the forgoing payment options.
  • Transfers may be made by any means generally used to transfer funds between accounts including real or virtual checks, debit cards, credit cards, pre-paid cards such as play time cards or smart cards, real or virtual wire transfers, electronic transfers, bill payment services, third party facilitators such as PayPal, financial transfer companies such as Western Union, or any combination of these.
  • Payment may be due up front, or may be made periodically. Payment may be made manually, in which case the character submits each payment individually, or automatically, in which the game, bank server, store server, or other facilitator automatically removes funds from the character's account or charges the player's real world credit line when payments are due. For example, payments can be made automatically using some or all of the following steps:
  • the character can elect to make payments with a fixed real cash value amount that may or may not be guaranteed against currency fluctuation. If either (i) the player account does not have adequate funds for the payment amount or (ii) the player character does not pay the invoice sent by seller or payment facilitator, then a real cash value can be determined for the virtual payment amount and charged to the credit card or other credit line associated with the player character. Additionally, characters may be notified when payments are due. Such notification may take the place of email or other mail, instant messaging, screen alerts, or any other type of notification generally used within the parameters of the virtual world. Such notification may be made to either the character or the player.
  • Payment information may be stored by any means applicable, for example in virtual item payment database 246.
  • the game server, or other database can itself advance credit such that purchases are aggregated to a fixed amount and then charged to a real world credit card, debit card, third party facilitator, real world bank account or other monetary account or any combination of these in a lump sum.
  • a real world credit card, debit card, third party facilitator, real world bank account or other monetary account may be charged a set amount and the amount may be held either in a virtual bank or other database and drawn upon for purchases within the virtual world until such time as the fixed amount is depleted. Once the amount is depleted, the credit card, debit card, third party facilitator, real world bank account or other monetary account may be charged an additional fixed amount which may be drawn upon by the character.
  • the seller may provide a list of acceptable currencies.
  • the server may receive a request to set up currency options from a character, retrieve available virtual and real cash options, output options, receive option selection, and store option selection with player character account for future transactions.
  • a character may request that all prices be displayed in a particular currency. Such a preference may be enacted by any means applicable, for example using Currency Selection Preference program 248.
  • the exchange rate for virtual for virtual currency or virtual for real currency may be fixed in that the rate does not change for the duration of the game or segment of the game.
  • the exchange rate may be variable.
  • Such a variable exchange rate may be pegged to a floating real world exchange relationship, for example the U.S. dollar/Japanese yen spot exchange rate, a percentage thereof, a plus or minus adjustment thereof, some other economic indicator, or a combination thereof.
  • the exchange rate may also vary depending on the country of origin of the player, or may be fixed to a particular real world currency, i.e., all exchange rates are quoted in dollars.
  • the exchange rate may be floating and determined by market forces such as the relative demand for virtual currency versus real world currency, or the relative demand of particular types of virtual currency. Said exchange rates may further be established or determined by any suitable method including, but not limited to, by a) the game manufacturer, b) the owner(s) of the server(s) upon which the game resides, c) one or more player characters, d) market forces, c) law or regulation of the game or within the real world, f) negotiation among the affected parties, or g) any combination of the above.
  • Information regarding the exchange rates may be stored by any means applicable. In one embodiment, they may be stored in currency exchange database 254. In another embodiment, they may be stored in Exchange Rate Database 126. In yet another embodiment, the rates may be retrieved from existing systems or networks or via third parties that maintain such conversion information.
  • FIG. 11 An exemplary payment system 240 configured to provide the virtual environment described above is shown in Figure 11.
  • Such as system may include a Central Server 220, a Currency Exchange Program 244, Virtual Ttem Payment Program 246, Currency Selection Preference Program 248.
  • Such a system may further include any number of possible databases including, but not limited to, Player Database 250, Character Database 252, Currency Exchange Database 254, Item Database 256 and Market Database 258.
  • Player database 250 may include information about each player who accesses the game or links to such information residing in third party databases. This information may be provided to the game server by a player when the player registers to play the game or at any other suitable time and using any suitable means. Examples of player information include, but are not limited to: player character ID, character personal information, character billing information, character real currency account information, and player character(s).
  • Player character database 252 may include information about each player character that participates, or is able to participate, in a game. Accordingly, it will be understood that according to some types of games, a single player may create and control more than one player character. Examples of information the player character database may maintain include, but are not limited to: character name, virtual cash currency preferences, real cash currency preferences, virtual cash account, account number, account balance, and virtual item ID. Of course it will be understood that for many of these information categories, a given player character may have multiple entries. For example, a given player character may have any number of attributes which could be tracked and maintained by the player character database.
  • Currency exchange database 254 may include information or links to such information such as currency types and exchange rates.
  • Item database 256 may include information about the various items that are available for use in the game. Examples of information the item database may maintain includes item identification, item descriptors, and item attributes.
  • Market database 258 includes information about the items that have been offered for sale/barter/etc, in the game. Examples of information the market database may maintain includes item ID, item value, quantity available, and the items for which exchange is available.
  • characters may create their own exchanges such that currency is exchanged at a rate that differs from the posted or other exchange rate(s). For example, if a player character wishes to buy a virtual sword and the price is: $10 USD or 100 units of in game currency (e.g. piece of gold, $, LD, etc.), there may be third party player characters that may desire to pay the real cash value in exchange for some amount of LD, that may be less or more than the current exchange rate. This may occur for a variety of reasons including when a character desires to avoid transaction fees or when a character does not want to go through a financial intermediary. Certain currencies may also be at a premium i.e. the use of U.S. dollars as hard currency vis-avis a currency that fluctuates wildly.
  • the game may control the use of the proceeds of the financing agreement.
  • the game server, bank server, or business server could prohibit the player character from converting an amount of virtual cash or assets equal to, or greater or less than, the financing agreement amount into real cash.
  • the game server, bank server or business server could prohibit the player character from reselling or otherwise encumbering the virtual assets purchased with the financing agreement until such time as the virtual financing agreement is repaid.
  • the server could block the sale of assets below a minimum level using some or all of the following steps:
  • Control of the use of proceeds could be maintained by any means applicable, for example through Finance agreement Enforcement Program 314.
  • a warning may be issued.
  • a grace period may be granted if a payment is not made on the specified date or sufficient funds are not available in an account from, which a withdrawal is to be made.
  • Warnings may be delivered by any means that would notify a player and/or character, including, but not limited to, in game or real world a) alerts, b) instant messaging, c) e-mail, d) voice mail, e) postal mail, or f) text messages.
  • some or all of the following method steps could be used to generate a warning if an account cannot be charged as required:
  • the character and/or player may have one or more limitations imposed upon his actions in the virtual world by a) the bank, b) the game manufacturer, c) the owner(s) of the server(s) upon which the game resides, d) one or more player characters e) the seller, f) any related or affected parties, or g) any combination thereof.
  • the delinquent player may be prevented from obtaining any further financing whether from a bank, a business or another player.
  • the delinquent player may be blocked from converting virtual currency to real currency.
  • a lien may be imposed upon the assets of the character or player.
  • the delinquent character may be excluded from transacting certain types or all business, owning certain types or any land, or engaging in other contracts within the virtual world, or may suffer other penalties in addition to or in lieu of the forgoing, penalties may include, but are not limited to, loss of play time, damage or hit points, loss of an avatar or clothing or a name, loss of an attribute or item, virtual illness, visible affliction, higher prices to purchase goods, services or items in the future (forever or for some prescribed period), etc.
  • the visual or audible appearance or behavior of a player's avatar may be altered if a player fails to fulfill his virtual financial obligations. For example, the avatar may have to wear certain items like a ball and chain or begin any conversation with the phrase, "I don't pay my bills.”
  • the assets of the delinquent player may be seized and sold to cover the debt.
  • the financed asset is merely returned to the seller.
  • the character or player is additionally assessed a penalty.
  • more than the asset financed is seized.
  • the assets may be sold one at a time (in any order specified by the rules of the game server i.e. most to least valuable, least to most valuable, most to least liquid, least to most liquid, etc) until the virtual obligations of the player character have been met.
  • the cash can be paid to the creditors using any suitable means including, but not limited to: (i) in ratio equal to the obligation for each creditor compared to the total outstanding obligations; and/or (ii) in order of priority.
  • a creditor can be given priority based on (i) paying to be a priority creditor when the virtual contract is established; (ii) the amount of the obligation; (iii) the date the virtual contract was established; (iv) the remaining obligation of the contract vs. the total obligation; or (v) paying off debts to independent third party player characters or entities as opposed to those player characters / entities that are either own by or related to the indebted player character.
  • the real world credit line or other guarantee used to secure the debt may also be charged in real world currency to cover the amount due.
  • the entire amount of the financing agreement may become immediately due.
  • some or all of the assets could be liquidated using Asset Liquidation and Redistribution Program 316.
  • Such a program may use some or all of the following steps:
  • the virtual representation of the character such as an avatar can be altered to indicate that the character has a delinquent account.
  • a virtual collection agent could trail the avatar around, or a ball and chain could be attached to the foot of the avatar, or a warning could float over the head of the avatar, or the color or other characteristic of the avatar could change, e.g., the avatar's clothing may partially or completely disappear, or the avatar could start leaving footprints wherever it goes, making it easier for the lending company or enemies to track down the avatar, etc.
  • any preferential terms may be subject to change.
  • the interest rate could increase, payment terms could accelerate, guaranteed exchange rates could become variable, caps on interest or exchange rates could be removed, additional collateral may be required, part of the debt may need to be settled with a payment or through a complete or partial liquidation of assets, etc.
  • Such changes could be controlled by any means applicable, for example through Finance Agreement Enforcement Program 314. Such changes may be made immediately or only after providing a notice or warning to the delinquent player.
  • debts such as financial agreements may be insured by the seller or the buyer.
  • Payment protection insurance provides an income to maintain a borrower's debt repayments in the event of an accident, sickness, death or any other cause for default that prevents them from working, or paying their debts when due, e.g., due to unemployment.
  • Such insurance typically pays debts for a specific amount of time.
  • the insurance policy pays the debt; however the defaulting character's rating would be lowered and/or future policies rejected outright and/or other penalties as hereinabove defined.
  • insurance company real or virtual
  • the insurance company could seek restitution from the defaulting player character and/or impose or cause to be imposed any penalties as provided herein above or as otherwise provided by the game server, game owner, lending entity, etc.
  • Such information may be stored by any means applicable.
  • insurance agreements are generated by insurance program 134. Such a program may use some or all of the following steps:
  • a secondary market for finance agreements may also be created. In the secondary market, groups of finance agreements can be bundled and sold to other entities. Such transactions may be for the remaining amounts owing or any other amount as agreed to by the parties.
  • Types of transactions may be limited by the level of participation of the player or player character. Such limitations could depend upon the skill, experience, attributes, items owned by the player and/or sophistication of the authorized user and/or the player's real or virtual credit score and/or real or virtual current or predicted income levels. For example, players may advance through different levels of play and after achieving certain benchmark standards or having an account established for a particular length of time, they may be granted wider access to financial intermediaries and the services provided by such intermediaries.
  • various embodiments of the invention provide mediums for engaging in complicated financial or other transactions and for allowing these transactions across virtual environments, game environments, game servers, games and gaming locations. This increases the complexity of interactions between players thereby increasing the enjoyment and longevity of the game(s).
  • Mediums for engaging in more complicated transactions may take the form of an exchange.
  • Such exchanges may be limited to a single location, or may exist across game environments and/or between virtual worlds and games. They may be entirely virtual in that there is no physical representation of a building or other facility where the exchanges take place, or they may have one or more physical presences in a virtual environment.
  • the location of the exchange may change periodically based on predetermined criteria.
  • the virtual location of an exchange may move from one virtual city to another virtual city on a periodic basis, may move based on which city has the highest population, may move based on the amount of wealth accumulated in a particular environment, or may move according to any other criteria as determined by the parameters of the game, the game server, game owner, exchange owner or any combination thereof.
  • exchanges may be accessed or exist outside of the virtual worlds in which they trade, i.e. while not actively engaged in playing a game.
  • Exchanges are mediums for buying and selling.
  • the exchange may be a primary market.
  • a primary market is a market for the initial offering of any kind of good including a security.
  • Tssuers of securities include commercial companies, government agencies, local authorities and international and supranational organizations (such as the World Bank or a virtual equivalent), and governing entities.
  • Through securities capital is provided to the issuing entity by investors who purchase the securities.
  • the securities themselves may then be traded between investors and speculators on a secondary market.
  • a secondary market is a market for any kind of used goods and may exist for all types of assets in a virtual environments. Secondary markets improve the liquidity of investments, increasing the likelihood that investments will occur and thereby adding to the growth of the virtual economy.
  • an exchange may trade both primary and secondary assets.
  • Exchanges may function by any means useful in exchanging assets.
  • an exchange may function as an auction market in which all characters and institutions wishing to trade must congregate in one area of a game environment and announce the prices at which they are willing to buy or sell. Such announcements may take place using instant messaging, screen alerts, or any other type of localized announcement.
  • an exchange is a dealer market. In a dealer market, the dealers hold an inventory of the asset and are then ready to buy or sell with market participants. Transactions may be conducted through instant messaging, electronic mail, order matching systems, or other electronic systems.
  • An exchange may also be a Dutch auction or descending price auction, in which an asset is initially offered at a high price and then the price is lowered in increments until a buyer is found.
  • the laws, rules, regulations and precedence of a virtual exchange(s) may be based, solely or in part upon any one or more or a combination of the laws, rules, regulations and precedence of the United States of America and/or any foreign country, and or those of the American Stock Exchange, New York Stock Exchange, NASDAQ, London Stock Exchange, Tokyo Stock Exchange, Euronext, Toronto Stock Exchange, Frankfurt Stock Exchange, Hong Kong Stock Exchange, Madrid Stock Exchange (BME Spanish Exchanges), SWX Swiss Exchange, Milan Stock Exchange (Borsa Ttaliana), Australian Stock Exchange, Bombay Stock Exchange, Shanghai Stock Exchange, Africa Securities Exchange, and/or Bovespa, Brazil. Additionally, there may be a central governing authority within the virtual world or between virtual worlds which is responsible for governing formation and management of exchanges. Tn another embodiment, the laws, rules, and regulations of an exchange are composed by the founders of the exchange.
  • An exchange may sell all types of assets real or virtual, including securities, commodities or derivatives belonging to one or more virtual environments, game environments, worlds or games; or may require that the assets meet particular criteria before they can be listed on the exchange.
  • an exchange provides a means for trading real and/or virtual goods and services. Such trades may take the form of real and/or virtual barter, trade, or currency.
  • real currency or virtual currency could be used to purchase real or virtual items listed on an exchange.
  • a player could list a real computer they are willing to trade for virtual assets such as, for example, 100 planks of virtual wood.
  • an exchange could specialize in financial products. Such financial products may be virtual securities, commodities, and derivative products such as options and futures.
  • Some exchanges may trade stocks in virtual companies. Other exchanges may trade virtual stocks in real companies. Another exchange may trade virtual commodities.
  • an exchange may sell virtual game attributes. Additionally, an exchange may limit transactions to the assets of a particular world, game or environment.
  • exchanges may be limited to a particular type or group of types of asset(s), for example, player characters or avatars, in game resources or attributes, player created game items, stock of a virtual business including preferred and convertible stock, in game currency, bonds of a virtual business, bonds of a virtual government, virtual currency, game attributes created by player characters, game attributes created by the game server or NPCs, virtual natural resources, virtual exchange seats, virtual stock of in game businesses, virtual stock of in game environments, virtual securitized obligations, contracts between player characters, labor of certain skill types and levels, blueprint licenses, blueprint assignments, songs, videos, images, products, software applications and/or libraries, languages, SDKs, tools, objects or portions thereof, interface specifications, assistance with missions, personal services, or any other type of asset including services that may be created or used within a virtual environment.
  • asset(s) for example, player characters or avatars, in game resources or attributes, player created game items, stock of a virtual business including preferred and convertible stock, in game currency, bonds of a virtual business, bonds of a virtual government,
  • Securities may be traded on a stock exchange, share exchange or both.
  • Stock exchanges are effective in raising capital for businesses, mobilizing savings for investment, facilitating company growth, redistributing wealth, corporate governance, creating investment opportunities for small investors, allowing governments to raise capital for development projects and are a barometer of the economy of a particular virtual environment.
  • Commodities and derivatives such as options and futures may be traded on a commodity or futures exchange.
  • a commodity or futures exchange may trade derivatives including, but not limited to, futures, forwards, options and swaps on items such as commodities, equities or bonds, interest rates, exchange rates, or indices. Derivatives may also be traded on a derivative exchange or over-the-counter.
  • the exchanges may have additional criteria for listing an asset beyond the type of asset. For example, an exchange may require a certain amount of an asset be available, or have a certain monetary value, that a business be of a particular size, have a particular number of shareholders, a particular trading volume, a particular market value, particular earnings, a particular volume, particular valuation, particular cash flow, particular shareholder equity, or any other criteria the exchange(s) wishes to establish for assets to be traded. Tn addition, there may be standards that are required to be maintained in order for the assets to continue being listed on an exchange. In another embodiment, an exchange may trade everything.
  • the exchanges for use within and between virtual worlds, game environments, and games may be in existence at the formation of the game, or may be formed during the game by one or more players or player characters, real world financial institutions, real world exchanges or other legal entities. Moreover, the exchanges may be run by the game manufacturer, the owner(s) of the server upon which the game resides, player characters, other real or virtual legal entities, any other duly authorized or un-authorized third parties or a combination of these. There may additionally be a governing entity responsible for overseeing the exchanges.
  • Exchanges may be formed by any means suitable for providing exchanges. Such exchanges may be established and accessible both within and outside of virtual environments and may be formed by the game server, game owner, a character ' or group of characters, a player or group of players, real world financial institutions, real world exchanges or other legal entities, a third party or any combination thereof. Tn one embodiment, the exchange is organized as a mutual organization owned by members. In another embodiment, the exchange is a corporation.
  • the rules for forming an exchange are governed by the parameters of the virtual environment in that there may be a virtual government or other controlling entity including real world controlling entities such as the game manufacturer or server owner and/or real or virtual laws that may dictate the number of exchanges or the types of exchanges in existence at any one time or the requirements for formation and/or dissolution.
  • These regulations may impose certain requirements that must be met prior to the formation of an exchange.
  • requirements may include, for example, the ability to pay a given fee, holding requirements, asset requirements in the virtual environment, procurement of various suitable skills by the requesting group, character type limitations, size of guild, age of avatar, experience level of avatar, virtual or real net worth of an avatar or player, etc. In such a case, only those requests that come from an entity that is able to fulfill any imposed requirements will be granted a permit, if one is available, as explained in further detail below.
  • the virtual environment, game environment, a particular government, or a virtual land area governed by the game environment or by player characters may limit the number of exchanges that can exist in that environment or that may trade assets from that environment or for use in that environment. Accordingly, an exchange may be required to apply for a permit to operate in a particular location or in a particular virtual environment. There may be a limit on the number of exchange permits that can be given out at any particular time in a virtual environment.
  • the exchange permit may be forfeited and revert to the governing entity such that it is available to a new entity desirous of forming an exchange, or it may be sold by the player character(s) or other entity that owns it.
  • the game server and. any government formed, by the game server or by a group of player characters may charge a tax or fee each time a permit is issued or resold. Such fees could be up front, periodic, a percentage of transactions, or any combination thereof.
  • the amount of the exchange permit fee may be determined using any method suitable for the virtual environment. It may be established by the game itself, the owners or manufacturers of the game, the game server, the owners of the server, a plurality of a predetermined number of players in existence at the time of the creation or acceptance of the permit, by real and/or virtual law, or any combination thereof. In one embodiment, fees may be based on a portion of the virtual fees generated on the exchange.
  • a game server may be configured to create a virtual exchange using some or all of the following method steps:
  • a certain minimum number of players decide to form Exchange.
  • the game server 270 verifies that the requisite number of players would like to form an exchange.
  • the organizing committee may solicit additional members.
  • the solicitation of members may take place in any type of forum useful for disseminating such information/requests.
  • the organizers may send out a mass e-mail, post an advertisement, directly contact friends, publish a notice, or any other type of means aimed at contacting interested parties.
  • player characters may indicate that they are interested in becoming members of an exchange and may or may not choose to specify the type of exchange they are interested in supporting.
  • the minimum number of members, the type of assets, structure, qualification of members, qualification of traders, or number of seats on an exchange may be determined by a) the game manufacturer, b) the owner(s) of the server(s) upon which the game resides, c) one or more player characters, d) the organizing committee, e) charter, f) law or regulation, and/or g) any combination of the above.
  • Information regarding the formation of an exchange may be stored by any means desired, for example on Exchange database 262 and may comprise information such as, for example:
  • the request may be made and received using any suitable method within the virtual environment.
  • the request may be sent via email, instant message, or via an on-screen request system.
  • the request may be processed automatically by the server, by a paid or voluntary player or staff member, or though a combination of the above.
  • an exchange is formed outside of a game.
  • Such an exchange may be formed on a network, or as a separate entity for exchanging virtual assets.
  • Such exchanges may use real or virtual world currency in order to buy and sell virtual assets. They may be represented in virtual environments, or exist solely outside of the game.
  • Exchanges may also be established between game environments.
  • Such game environments can be different geographical locations in the same virtual environment, or may be located in entirely different virtual environments or games.
  • a character may buy a game environment and configure rules for other player characters to play in that game environment.
  • every character in a game environment may have created a certain amount of measurable virtual wealth. The value created in the game environment could be traded on an exchange.
  • game environments with healthier economies can trade for more value than game environments with weaker economies.
  • a game environment may issue and offer shares in the game environment.
  • Game environments may be registered on an exchange using any means applicable.
  • game environments may be registered using some or all of the following method steps:
  • the founding members of an exchange may have seats on the exchange or may allow the seats to be offered to other characters or third parties.
  • the number of seats available may be included in the charter or may be determined by other factors such as the size of the exchange, the volume of trading, the number of listings on the exchange, or any combination thereof.
  • a seat on an exchange may be granted when a character attains certain goals, levels, skills or other parameters established by a) the game owner, b) the game server, c) the charter of the Exchange, d) any other governing rules or regulations for the Exchange.
  • exchange seats may be randomly allocated to players once a game server or game environment has reached certain predetermined criteria, for example a certain population.
  • seats on an exchange may be bought and sold. For example, seats on an Exchange may be bought or sold using some or all of the following steps.
  • seats on an exchange may be traded on the
  • exchange seats could be auctioned.
  • owners of exchange seats may be forced to sell their seat. Such a forced sale, could for example, take place if the owner commits fraud or violates rules governing the exchange.
  • Information regarding owners of seats may be stored by any means applicable.
  • such information may be stored in player character database 274 and include information such as character ID, player ID, character assets, exchange seat owner account number, and exchange seat number.
  • Corresponding player information may be stored by any means applicable including player database 272 and may include information such as, but not limited to, player TD, player billing information, player personal information, player exchange seat ID.
  • the possession of a seat on an exchange allows the holder to buy and sell on that particular exchange.
  • the seat holder may buy or sell assets on the exchange directly, or may lease the seat to another party.
  • a seat holder may hire a NPC or another character such as a contractor or financial services consultant to manage his seat on the exchange.
  • An exchange member may also act as a broker for other characters. In order to act as a broker, an exchange member may be required to meet certain qualifying criteria.
  • the rules and regulations governing such an account may be dictated by the broker holding the account, or may be regulated by the rules of the exchange, the game server, game owner, charter, local governing entity, overseeing governing entity or any other applicable rules and regulations.
  • a seat holder or other broker may institute regulations regarding accounts as well.
  • a broker may only open accounts for characters who meet particular criteria such as, for example, creditworthiness of the character or player, the credit history of the player, the virtual and/or real credit history of the character applying for the account, the real world credit lines available to the requestor; the length of time the character has spent or been in existence in the virtual environment; the skill level of the character and/or player; the assets held by the character; as well as any other type of information typically used in evaluating credit worthiness.
  • the broker may verify the character's virtual credit score.
  • the broker may verify the player's real world credit score.
  • Virtual and real credit scores may be based on information such as the types of bills owed by the character/player, the timeliness of payments, loans outstanding, credit lines available, length of credit history, new credit applications, income, marital status, length of time playing the game, character type, information regarding creditworthiness, or any combination of the above.
  • One embodiment of a method of opening an account with an exchange seat owner is shown in Figure 15.
  • a broker may charge fees for trading. Such fees may be a monthly fee, a per transaction fee, fees generated by the spread between the buy and sell, a percentage fee based on the total transaction, amount, fees based on the type of transaction, or any combination thereof. Additionally, there may be taxes or other government fees that may be charged to an account. Fees may also be charged for the right to own a seat on an exchange, to have an exchange account or to conduct transactions on an exchange. For example, only premium accounts may be able to trade on an exchange.
  • accounts may permit the trading of particular types of assets.
  • Other accounts may permit the trading of all types of assets.
  • There may be limits placed on the amount of a particular asset that can be bought or sold during a specified time period, or no limits at all.
  • accounts may have limits on the types of transactions that can occur.
  • some exchanges may not permit trading in futures and options.
  • Other exchanges may not permit margin trading or margin accounts.
  • some exchanges may permit the trading of real world goods and services for virtual goods and services.
  • accounts may increase the type or variety of transactions available based on the skill level or other criteria of the character holding the account.
  • the types of accounts available in a particular virtual environment or on a particular exchange or with a particular broker may include cash, margin, option, and discretionary accounts.
  • a cash account requires all purchases to be paid for by the settlement date. In one embodiment, funds must be in the account before a buy order is placed. In another embodiment, payment may be made within a specified time period, i.e. by the settlement date. Such accounts may be opened with no deposit, or may require a certain amount of goods or currency be placed in the account prior to the execution of trade orders.
  • a margin account a character is lent cash to make the purchase on the exchange. The loan is collaterized by the assets in the account held by the broker or exchange.
  • the owner of the account may be required to deposit more cash or sell asset positions in order to bring the collateral to a specified level. Tf the owner of the account is unable to meet the cash requirements, the account may be liquidated, collateral seized, or a credit line associated with the account such as a credit card or a third party facilitator such as a paypal account can be charged.
  • An option account is a type of brokerage account that allows you to trade options (i.e., puts and calls on stocks, bonds, commodities, futures, etc.). To open this type of account, acknowledgment of the risks associated with derivative instruments may be required.
  • an option account or option trading may require additional security to support the account such as a higher credit limit on the credit line securing the account or an additional credit line including, but not limited to, a credit card or third party facilitator account such as a paypal account that could be charged in the event of a default.
  • a broker may make trades without notifying the character who owns the account.
  • the broker may pool virtual assets of account holders and make trades on their collective behalf.
  • Accounts may be funded using real or virtual assets from one or more virtual environments, game environments, or games. Assets may be valued using conversion tables, rates or factors. Such conversion mechanisms permit the valuation of items between games, between time periods within games, between game environments, or between different geographic areas in the same game. Conversion rates may include currency exchange rates as well as trade exchanges. Currency exchanges may include the exchange of real currency for virtual currency and vice versa as well as the exchange of different types of virtual currency for each other both within a particular virtual environment, game environment, game or locations within a game and between virtual environments, game environments, games and/or locations within games. There may also be a universal currency for which local currencies can be traded. Such universal currency may be universal to a particular game environment, virtual environment, or multiple game environments or virtual environments. Accounts may additionally need to be secured by a credit card account number, bank account number, pay pal account number or other payment facilitator, or the account number of any other financial entity providing a real world credit line or any other payment-related information.
  • the exchange rates for virtual-for-virtual currency, virtual-for-real currency, virtual assets for real assets, real currency for virtual currency, virtual assets for virtual assets, or real assets for virtual assets may be fixed in that the rate does not change for the duration of the game or segment of the game.
  • the exchange rates may be variable.
  • Such a variable exchange rate may be pegged to a floating real world exchange relationship, for example the U.S. dollar/Japanese yen spot exchange rate, a percentage thereof, a plus or minus adjustment thereof, some other economic indicator, or a combination thereof.
  • the exchange rate may also vary depending on the country of origin of the player, or may be fixed to a particular real world currency, i.e., all exchange rates are quoted in dollars.
  • the exchange rate may be floating and determined by market forces such as the relative demand for virtual currency versus real world currency, or the relative demand of particular types of virtual currency. Said exchange rates may further be established or determined by any suitable method including, but not limited to, by a) the game manufacturer, b) the owncr(s) of the scrvcr(s) upon which the game resides, c) one or more player characters, d) market forces, e) law or regulation of the game or within the real world, f) negotiation among the affected parties, or g) any combination of the above.
  • the exchange rate received by a player or character may depend on the rating such as the credit rating of the player or character.
  • transactions may include, but are not limited to, market orders including, but not limited to, market with protection orders, bracketed buy order, bracketed sell order, sweep to fill order; contingency order, not held order, stop loss orders, stop limit orders, limit orders, stop orders, fill or kill orders; short selling, options including puts and calls, futures.
  • a market order is an order to buy or sell a stock immediately at the best available current price.
  • a market order may be modified to decrease the volatility or otherwise limit the transaction.
  • a market order may be placed as a "market with protection order" in which a market order is canceled and resubmitted as a limit order if the price of the asset moves dramatically after the character places the order.
  • the limit on the limit order is placed at around the current market price as determined by a broker. This type of order adds a protective measure, helping the character ensure his or her market order will not be completed at a price that is far off from the market price at the time of the order.
  • the order may also be placed as a "bracketed buy” order in which a buy order is accompanied by a “sell limit” order above the buy order's price and a “sell stop” order below the buy order's price. These three component orders will all be set at a price determined by the character entering the order.
  • the "bracketed buy” order allows the character to lock in profits with an upside movement and prevent a downside loss over a certain size.
  • the order may also be a "bracketed sell” order in which a sell order on a short sale is accompanied by a "buy stop” order above the entry price of the sell order and a "buy limit” order below the entry price of the sell order.
  • a “Box Top” order may also be placed.
  • a buy or sell order is made at the best market price. If the order cannot be completely filled, a limit order is placed for the remaining shares at the price at which the filled portion was executed.
  • An order may be placed as a "Sweep to fill” order in which the broker splits an order into numerous parts comprising the best prices and amounts at that price currently offered on the market for speedier order execution.
  • a "Fill or kill” order may be placed. In a "Fill or kill” order, a transaction must be executed immediately and completely or not at all. An order may also be placed as an "All or None" order. An “All or None” order ensures that a character obtains the entire requested quantity of the asset or none at all.
  • a "Good Till Cancelled” order may be placed.
  • a "Good Till Cancelled” order remains active until cancelled.
  • Orders may also be set to expire at the end of the trading day. If it is not filled by the end of the day, it will be cancelled.
  • Orders may also be placed as contingency orders in which the order is executed only when certain conditions are met.
  • a contingency order may depend on the potential purchaser's ability to sell a different security in his or her portfolio to free the funds to make the purchase.
  • an options contingency order's execution may depend on the price of the options' underlying asset.
  • a "not held” order may be placed. With a not held order, a market or limit order gives the broker or trader both time and price discretion to attempt to get the best possible price.
  • a limit order is an order to buy or sell a certain amount of assets at a particular price or better. There may or may not be time limit placed on the order. Tf the time limit is exceeded, the order may expire.
  • the order may be placed as a "Limit on open” order in which a limit order to buy or sell shares at the market open if the ' market price meets the limit condition.
  • the order may be placed as a "Limit on close" order in which a limit order is placed to buy or sell shares near the market close only if the closing price is trading better than the limit price.
  • a "stop loss” order may be placed.
  • a "stop loss” order an order placed with a broker to sell a security when it falls to a certain price.
  • An order may also be placed as a "stop limit" order.
  • a “stop limit” order the order will be executed at a specified price (or better) after a given stop price has been reached. Once the stop price is reached, the "stop limit” order becomes a limit order to buy (or sell) at the limit price or better.
  • a stop order may be placed. With a stop order, the order is executable once a set price has been reached and it is then filled at the current market price.
  • Some accounts or exchanges may permit short selling.
  • a short sale a security that the seller does not own is sold on the assumption that the seller will be able to buy the asset at a lower price than the price at which they sold short.
  • Accounts or exchanges may also permit options trading. Options offer the buyer the right, but not the obligation, to buy (call) or sell (put) an asset at an agreed-upon price during a certain period of time or on or after a specific date. There is typically an up-front, non-refundable premium that the buyer pays the seller to obtain the option rights.
  • Futures trading may also be permitted. Futures are a financial contract obligating the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity or a financial instrument, at a predetermined future date and price. Futures contracts detail the quality and quantity of the underlying asset; they are standardized to facilitate trading on a futures exchange. Some futures contracts may call for physical delivery of the asset, while others are settled in cash.
  • transactions may be made using the over the counter market.
  • Such transactions include derivative products such as swaps, forward rate agreements, and exotic options and may be made independently or through a broker.
  • swap In a swap, two counterparties exchange one stream of cash flows against another stream. Such cash flows may be calculated over a notional principal amount. Swaps may be reassigned to third parties, but are not generally traded on exchanges.
  • the swap may be an interest rate swap.
  • the swap may be a total return swap.
  • the swap may be an equity swap.
  • a forward rate agreement is a forward contract in which one party pays a fixed interest rate, and receives a floating interest rate equal to a reference rate. The payments are calculated over a notional amount over a certain period, and netted, i.e. only the differential is paid when the termination date arrives.
  • the reference rate is fixed one or two days before the termination date, dependent on the market convention for the particular currency.
  • An exotic option is a derivative which has features making it more complex than commonly traded products.
  • exotic options may include, but are not limited to barrier, constant proportion portfolio insurance, cliquet, lookback, a variance swap, an Asian option, a Russian option, a game option, a Parisian option, a binary option or a chooser option.
  • a barrier option is a type of financial option where the option to exercise depends on the underlying crossing or reaching a given barrier level.
  • Constant proportion portfolio insurance is a capital guarantee derivative security that embeds a dynamic trading strategy in order to provide participation to the performance of a certain underlying asset.
  • a lookback option is a path dependent option where the option owner has the right to buy (sell) the underlying instrument at its lowest (highest) price over some preceding period.
  • a variance swap is a financial derivative whose payoff is equal to the difference between the square of annualised realised volatility (that is, the annualized realized variance), of returns on the underlying price over that period and a fixed quantity.
  • An Asian option is an option where the payoff is not determined by the underlying price at maturity but by the average underlying price over some pre-set period of time.
  • a Russian option is a lookback option which runs for perpetuity. That is, there is no end to the period into which the owner can look back.
  • a game option or Tsraeli option is an option where the writer has the opportunity to cancel the option he has offered, but must pay the payoff at that point plus a penalty fee.
  • a Parisian option The payoff of a Parisian option is dependent of the amount of time the option has spent above or below a strike price.
  • a binary option also known as a digital option
  • a chooser option gives the purchaser a fixed period of time to decide whether the derivative will be a vanilla call or put.
  • the types of orders and the amounts traded may be limited by the exchange, the game server, the broker or the type of account held by the character.
  • characters may need a particular credit score or provide a certain type of guarantee, such as a real world financial instrument, in order to have a margin account.
  • Some exchanges may only allow market orders. Characters may be limited in the amount of a particular item which they arc allowed, to acquire at one time. Additionally, exchanges may be closed if trading drops below a certain percentage. Trading may also be restricted if the number of open buy or sell orders on a particular asset exceeds some predetermined threshold.
  • Exchanges may be open all the time or only at particular times. For example, they may follow the schedule of real world exchanges, or a similar schedule according to a virtual world calendar in which they are closed on certain virtual holidays or at certain hours of the day. Additionally, specific characters or types of characters may only be able to trade during certain times of days, days of a week, or during certain months or other specific time periods as determined by the game, game server, exchange owners, broker, or any combination thereof. In another embodiment, certain assets may only be available to be traded at particular times or on particular exchanges at particular times. In a further embodiment, exchanges are open twenty-four hours a day, every day.
  • Open offers may be stored by any means applicable, for example in Exchange Open Offers Database 50.
  • Such a database could contain information such as:
  • Exchange open offers may additionally be associated with the character or player submitting the offer.
  • Such information could be stored in Exchange Open Offer Database 276 and include information such as the character ID, offer ID 5 offer type, offer posting date, offer expiration date, offer item, offer quantity, and offer price.
  • Offers may include offers to buy, trade or sell. Offers may also list items in multiple currencies both real and virtual, and may include a reserve price, below which it will not be sold. Offers and/or exchanges may include conversion rates, tables or factors which may take into account the value of things in a particular environment. For example, a gallon of oil may be converted to two gallons of oil when traded from a first game environment, such as War Craft, to a second game environment, such as Second Life. In another embodiment, a barrel of oil may be converted into 1000 thistle seeds within a game environment, and/or a barrel of oil may be converted to 5000 thistle seeds when exchanged between two games. In a further embodiment, assets may have different values in different game environments.
  • Conversion rates may be fixed, on an automated trading system, or as determined by an exchange on the open market or any combination thereof. For example, conversion rates may be based on a comparison of the economies of the two game environments, the number of player characters in each environment, the amount of a particular virtual asset available in a particular game environment, the amount of production of a virtual asset in the game environments or on any other number of market forces or comparable factors.
  • exchanges may require that all offers be placed using a particular currency, requiring offers to be converted to that currency before they are listed.
  • offers may be limited to valuations of a particular virtual environment, game environment, or using a universal valuation.
  • Information affecting conversion rates, exchange rates, interest rates, or any other types of exchanges between games and game environments may be collected and displayed according to any means applicable. According to one embodiment, such data is automatically gathered on a regular basis and displayed in a comparison or rating chart.
  • an item may need to meet certain criteria. For example, it may need to be the type of asset that is sold on that particular exchange; it may require a sale price, or a reserve price, or the price may vary according to market forces; it may need to be authenticated; it may need to be unique (i.e. no other items can be listed currently or previously on exchange that match the unique profile of a particular virtual item); it may require insurance; it may need a description, whether written or an image; or any other criteria as determined by the exchange, broker, governing body, or combination of thereof.
  • an item for sale may be analyzed using some or all of the method steps in Figure 16. Items on Exchanges may additionally be sold using some or all of the following method steps.
  • requests to purchase an item may be posted regardless of whether an item is available or there is an open offer. Such offers may be received by potential sellers, and/or may be posted on an exchange. Such a transaction may use some or all of the following steps:
  • the item may be purchased on margin if the account is authorized for margin transactions.
  • purchases may be charged to a monetary account, for example, a real or virtual credit card number, bank account number, brokerage account number, paypal account number or that of another third party facilitator, prepaid card number, credit line from a bank or other lending institution, debit card number, or other monetary account, or through some type of financing agreement.
  • a monetary account for example, a real or virtual credit card number, bank account number, brokerage account number, paypal account number or that of another third party facilitator, prepaid card number, credit line from a bank or other lending institution, debit card number, or other monetary account, or through some type of financing agreement.
  • the transaction may be completed using some or all of the following steps:
  • a record of each transaction may be stored by any means applicable.
  • each transaction could be stored in an Exchange Transaction Database, for example in Exchange Transaction Database 266.
  • Such a database could store information such as.
  • Such transactions could be associated with the character in Exchange Transaction Database 278.
  • a database could include information such as character ID, character inventory, order ID, order date, order, price, order type, and/or authentication number.
  • Players may establish alerts to notify them of transactions on a virtual exchange. Alerts may be established to monitor the number, type, price, trends, volume, volatility, or any other parameter of interest for the transaction of one or more assets. Such alerts may be sent by any means applicable including, but not limited to, e-mail, text mail, voice messaging, and/or screen alerts.
  • Limits may be placed on items being exchanged, bought, sold, or converted. Such limits may be placed by the game server, game owner, local government, local governing body, overseeing governing body, broker, or any combination thereof.
  • the game server may set a maximum trade amount per time period for currency or particular resources within the game environment and between game environments. Limits may be established based on the total amount of a resource available in a game parameter, the amount per player character of a resource available in a game parameter, the amount of open buy orders for a resource in a game environment, the amount of open sell orders for a resource in a game environment, or any other factors and/or rules and regulations that arc established for controlling exchanges and currency fluctuations.
  • exchanges are the only place in the game environment where delivery is guaranteed.
  • the owner of the exchange seat must do so in his stead. If the owner of the exchange seat cannot do so, all of the members of the exchange are responsible for filling the order.
  • items listed on an exchange may be placed in escrow until sold and/or payment may be placed in escrow when a buy order is placed. Tn a further embodiment, all transactions may be insured. A character who owns a seat on an exchange or the exchange itself may purchase insurance to cover orders initiated by the holders of accounts he brokers.
  • Such insurance may be purchased from other player characters, insurance companies, or other third parties. Rates for insurance may depend on the number of accounts managed, the size of the transactions, the types of assets traded, the creditworthiness of the account holders, the types of accounts or transactions permitted, a combination thereof or any other factor that may affect the risk that a transaction would not be fulfilled. In a further embodiment, anyone who wishes to sell an item on an exchange must provide insurance or some other guarantee that the item can be provided. In another embodiment, transactions may be underwritten by providing collateral. Collateral may include a real or virtual credit card number, bank account number, brokerage account number, paypal account number or that of another third party facilitator, prepaid card number, credit line from a bank or other lending institution, debit card number, or other monetary account.
  • collateral may be provided by permitting billing to an account owed to a third party, for example, a cellphone account such as one offered by Cingular Wireless, a standard telephone account such as one offered by Qwest Communications, an Internet Service Provider Account such as one offered by Earthlink, a cable account such as one offered by Comcast, a DSL account such as one offered by Qwest Communications.
  • the collateral or guarantee may be provided by the buyer or by a third party such as an insurer. If the seller is not able to deliver the item, the market value of that item and/or a penalty may be charged against the collateral. In one embodiment, the seller is required to fill the order, regardless of the current market price.
  • a character may be precluded from further transactions for a set period of time or until delivery or payment is made. Characters who fail to fill their side of the transaction may also be assessed a penalty, or charged a premium on all future transactions. Such penalties or premiums may be applied to a virtual or real world financial instrument.
  • goods could come with a warranty. If the goods wear out or otherwise fail, they could be replaced or the purchase price or some fraction thereof refunded.
  • Assets exchanged may require verification of authenticity. Such verification may be a digital signature or a unique identifier such as a real or virtual bar code or ID tag number.
  • each game server may create and attach a unique identifier to virtual assets. When an item is exchanged, its identifier may be verified prior to completion of the transaction. If the identifier is incorrect, the item may be returned to the seller or destroyed.
  • each asset in a character's inventory is assigned a unique identifier. If the inventory item identifier and the seller do not match, the item is returned to the seller or destroyed. In one embodiment, a seller attempting to exchange fraudulent assets may be assessed a penalty.
  • Items may have multiple identifiers, all or some of which may be verified. For example, each item created in a particular environment may have an identifier. When an item is purchased, it may be assigned a new identifier or have the old identifier in some way associated with the new owner. Items that are traded between environments may have identifiers from each environment. In one embodiment, authenticity could be determined using some or all of the following steps:
  • Items may additionally have expiration dates. For example, futures may expire.
  • verification that the item or contract has not expired may form an additional or separate method step. Such verification may occur by any means applicable. For example,
  • Types of transactions may be limited by the level of participation of the player or player character. Such limitations could depend upon the skill, experience, and sophistication of the authorized user and/or the player's real or virtual credit score and/or real or virtual current or predicted income levels. For example, players may advance through different levels of play and after achieving certain benchmark standards or having an account established for a particular length of time, they may be granted wider access to types of financial transactions.
  • Various embodiments of the invention address this issue by providing a means for buying and selling game environments or interests in game environments. Trade in ownership of game environments allows game environments to generate capital for investment as well as a means for tracking wealth and/or points in a game. Such a system increases the development of the game, increasing the enjoyment of the players and the sophistication of play available.
  • Game environments are particular levels or areas within a virtual environment. There may be game environments within game environments, or each game environment may stand alone. They may be controlled by the game server, game owner, manufacturer, one or more players, one or more characters, corporations, third parties, or a combination thereof. Game environments may be acquired by any means deemed appropriate by the parameters of the game. Tn one embodiment, the game server screens characters to determine eligibility for creating game environments using some or all of the following method steps:
  • a player resume may include, for example, the play history of a player in one or more virtual worlds.
  • Eligibility to create a game environment may be based on any qualifications determined by the parameters of the game, the game server, the owners of the local game environment, or any combination thereof. Tn one embodiment, eligibility may be acquired when a character reaches a certain skill or wealth level. In another embodiment, game environments may be purchased. In a further embodiment, game environments may be granted to players and/or characters who discover them. In yet another embodiment, game environments may be won. Tn a further embodiment, game environments may be randomly distributed. In still another embodiment, characters or players could apply to open game environments. In another embodiment, the number of game environments available could be based on the number of characters playing, the market value of all game environments, the projected growth of the game or the existing game environments, the number of players playing, or any other criteria as determined by the game.
  • Game environments may exist as empty space, or may come with a certain number of resources and/or constraints or rules. Such resources, constraints or rules may be predetermined wherein every game environment starts with the same amount of resources, or resources may be distributed according to any relevant criteria including, but not limited to, randomly; as determined by the game sever or other game parameters; as determined by the game owner; as determined by the game environment owner; according to an evaluation of the game environment owner character(s) or player(s) such as, the amount of wealth the player(s) and/or character(s) has accumulated, the amount of time the character(s) has been in existence or the player(s) behind the characters) has played the game, assessments of the skill level of the character(s), any other criteria relevant for assigning resources, or a combination of the above.
  • a game environment owner could receive a certain allocation of resources to be distributed in the game environment for each month the character has been in existence.
  • each game environment is initially worth a total number of points which may be attributable to natural resources.
  • the allocation of resources depends on how the points are assigned by the owner of the game environment. Resources can be made available up front or over time, in periodic intervals, when certain events occur in the game environment, or in any other manner.
  • Game environments may be created and run by any means applicable.
  • an exemplary system 1OG is configured to provide the virtual environment described above.
  • system 1 OG includes a master game server 20a for running the game and a game environment server 20b for one or more game environments within the game.
  • Master game server 20a may host a program such as game environment creation and set up program 330. Master game server 20a may further host a plurality of databases including, for example, game environment database 332 and player database 334. Game environment server may host a plurality of programs including, for example, Game Environment Creation and Set Up Program 336, Game Environment Management Program 338, Game Attribute Valuation Program 340, Exchange Multiplier Determination Program 342, Game Item Assembly Program 344.
  • Game Environment server 20b may include a plurality of databases including, for example, current data database 346, raw material database 348, NPC database (not shown), skill database (not shown), era database (not shown), exchange multiplier database (not shown), player database 350, and player character database 352.
  • a game environment database may store information regarding the game environment such as the game environment ID, identification of the owners, percentage ownership, configurations, creation date, fee structure, date of initial public offering (IPO) or any other information relating to the game environment.
  • Player database 350 may include information regarding the players in a virtual environment, their ID(s), the characters) they control, billing information and the game environments in which the players have characters.
  • raw material database 348 may include, for example, the type of raw material available in a game environment, the location of the raw material, the first date available, conditions for use, conditions for discovery, conditions for availability, maximum quantity allowed, quantity issued, quantity remaining, license or permit fee, and times when available. Such conditions for raw material may be established when the game environment is formed, or may evolve or be reassigned as the game environment develops.
  • Player database 350 may include information such as, but not limited to, player ID, the character(s) controlled by the player, billing information and personal information.
  • Player character database 352 may include information such as, but not limited to, character ID, player ID, assets, skills, obligations, and game environment access.
  • Each game environment may have the same, similar or different attributes.
  • attributes may be designated by the game server, allocated upon creation of the game environment, or selected by the owner.
  • the owner or other controlling entity may configure the game environment to meet certain parameters including, but not limited to, establishing the initial resources, available skills and maximum levels, game play types, taxes, permits, government types, exchange types, types of businesses and the maximum number of each business type, mission types and quantities along with allowed rewards, magic spells, licenses, etc.
  • attributes may alter or disappear as they are used.
  • the selection of attributes and the development of a game environment may serve to increase the wealth of the environment, attract other players to the environment, increase investment and building in an environment as well as contribute to the overall enjoyment of the game.
  • the initial controlling entity of the game environment may establish a representative government, or may run the game environment as a republic, democracy, fiefdom, oligarchy, monarchy, dictatorship, theocracy, corporation or autocracy.
  • the government may regulate as many or as few aspects of the game environment as it desires. For example, it may build infrastructure, maintain order, regulate trade, regulate commerce, regulate social welfare, control immigration, or any other type of activity commonly regulated by governments.
  • the government may merely collect taxes.
  • the game environment may be a business and the governing entity may be a management team or a board of directors.
  • One area that may be controlled by the governing entity of a game environment is access to the game environment.
  • game environments are open to anyone.
  • access may be limited.
  • game environments may require petitions to enter, may have limitations on the number of characters or the types of characters that may be in the game environment at any one time, may encourage the entrance of particular types of characters, characters with particular skill sets, characters with particular credit scores, players with particular credit scores, characters with a particular asset base, any other type of criteria determined by the controlling entity of the game environment, the game server, game owner, or a combination thereof.
  • a character may be required to own shares or options in a game environment prior to playing in the environment.
  • characters may have to pay a fee or have a premium account in order to enter particular game environments.
  • Such fees may be daily, monthly, annual or any fraction thereof.
  • such fees are paid to the owner(s) of the game environment.
  • such fees may be paid to the central server maintaining the game environment.
  • such fees are shared between the central server and the owner(s).
  • such fees are paid to a central account for the game environment.
  • an owner may recruit other characters or entities to play in the game environment.
  • Such play can include development of the game environment including development of smaller game environments such as the construction of buildings, townships, estates, cities, municipalities, states, neighborhoods, or any other units.
  • Characters could also form businesses, families, unions, co-ops, guilds, etc. or any other type of organization which assists in self- preservation, advancement, skill acquisition and accumulation of wealth, thereby contributing to the evolution of the game.
  • an owner or governing entity could try to recruit the best group of players to play in their game environments so that they can build the wealth within that environment more quickly.
  • Incentives could be offered as a recruitment tool. For example, stock or stock options in the game environment could be offered to players willing to play in the game environment. Such offers could occur using some or all of the following steps:
  • a player may petition to create and develop a character in a game environment.
  • characters may post resumes including character history, skills, and assets and may receive offers from owners or controlling entities of game environments to play in that game environment.
  • the owners or government of a game environment may seek virtual funds for development and growth of the game environment.
  • virtual funds may be obtained through a variety of means including, but not limited to, taxes, fees, licenses, bond issuance, loans, investors, commercial paper, convertible debt, bills, notes, debt issuance, venture capital, the issuance of private shares, transforming the game environment into a public company through an initial public offering, or through a follow on offering such as the issuance of common stock, preferred stock, or treasury stock.
  • system 104 includes a master game server 20a a game environment server 406 and an exchange server 2Oe.
  • Game environment server 406 may include databases such as player database 414, player character database 416, exchange open offers database 428, exchange transaction database 420.
  • Player Database 414 may include information such as, but not limited to Player ID, Player Billing Info, Player Personal Info, Player Credit Info, Player Exchange Seat ID, and Player Assets.
  • Player Character Database 416 may include information such as, but not limited to, Character ID, Player ID, Character Assets, Character inventory, Character Skills, Exchange Seat Owner Account Number, Exchange Seat Number, virtual account numbers.
  • Exchange Server 404 may include or host various programs, routines, subroutines and/or databases including, but not limited to an exchange database 408, an exchange open offers database 410, and an exchange transaction database 412.
  • Exchange database 408 may include information such as, but not limited to, exchange TD, exchange type, allowable assets, and allowed traders.
  • exchange database 408 may include information regarding seats on the exchange such as the exchange seat price, maximum exchange seats allowed, exchange seats issued, and exchange seat qualifying conditions.
  • Exchange open offers database 410 could contain information such as:
  • Exchange open offers may additionally be associated with the character or player submitting the offer.
  • Such information could be stored in Exchange Open Offer Database 428 and include information such as the character ID, holdings, offer ID, offer type, offer posting date, offer expiration date, offer item, offer quantity, and offer price.
  • each transaction could be stored in an Exchange
  • Such a database could store information such as:
  • Such transactions could be associated with the character in Exchange Transaction Database 420.
  • Such a database could include information such as character ID, character inventory, order ID, order date, order, price, order type, and/or authentication number.
  • Initial shares may come from any number of sources. Tn one embodiment, each game environment is formed with an allocation of shares. In another embodiment, the owner(s) of a game environment may decide to issue public or private shares. The distribution of private shares may be made according to decisions of the owner(s) and the laws, rules and regulations of the game. For example, shares of the game environment may be distributed to characters playing in the game environment, for example to all characters who play in the game environment, to business owners in the game environment, to characters who have played in the game environment for a certain length of time, held by the owncr(s), distributed in a lottery, distributed by whim, or according to any other criteria as determined by the game, game server, game owner, game environment owner, or any combination thereof.
  • private shares may be sold to raise capital for the game environment. Investors may be sought by any means applicable. For example, the game environment may send out mass mailings through electronic mail, screen alerts, instant messaging of any other means used to communicate. In another embodiment, owner(s) may be prohibited from sending out general solicitations for private shares and must contact each investor individually. In a further embodiment, a database may exist which pairs game environments with potential investors.
  • Private shares may have restrictions on resale. For example, the sale or purchase of the shares may be limited to exchanges or characters within a particular game environment or to particular characters or organizations. Such limitations may be approved or overridden by the other shareholders. In another embodiment, such shares may be bought and sold between game environments and/or virtual environments. In one embodiment, the private shares may trade for an equal number of public shares when a game environment becomes public. In another embodiment private shares may be converted to some fraction of public shares. In yet another embodiment, ownership of private shares may give priority to the purchase of public shares.
  • Private game environments may become public, game environments may be public upon formation or public game environments may become private.
  • game environments may become public by having initial public offerings.
  • each game environment may be formed with an allocation of shares held by the owner(s) which can be publicly traded on an exchange from the time of formation. Tn a further embodiment, a game environment can buy back shares.
  • Game environments may automatically go public. For example they may be public upon formation, converted to public companies when they reach a certain size, population density, wealth, age, asset value, number of businesses, when a stock market or exchange is discovered or formed, when a particular type of technology is discovered, or any other criteria established by the game, game owner, game server, game environment owner(s) or a combination thereof.
  • a routine such as that outlined, in Figure 19 may be launched where the game server determines that the game environment has reached the required age. The game server then values the game environment, or requests a valuation, publishes notice of the initial public offering and lists the shares on a primary or secondary exchange.
  • the game owner(s) or governing entity may decide to launch a public offering and sell shares in the game environment.
  • the owner(s) may be required to register the game environment with a governing entity.
  • each game environment is registered upon formation.
  • some type of notification or filing must be made with a governing entity.
  • notification may be made by electronic mail, regular mail, screen alert, instant messaging, or any other type of communication which would effectively comply with the notification requirements.
  • Notification may include any information requested or required by the governing entity, game owner, game server or any combination thereof. Such notification may be available to everyone, or may be a confidential document.
  • It may include or require information such as the design of the game environment, the types of businesses in the game environment, the structure of the game environment, the types of characters in a game environment, information regarding management or government of the game environment, information regarding earnings of the game environment, valuation of the game environment, an explanation of how the proceeds are to be used, a list of the owners, financial statements, and/or risk disclosures, etc.
  • the value of game environments may be assessed by measuring any of a number of parameters including, but not limited to, the growth of the economy, the value of its natural resources, the amount of investment that is being made, the number of characters working or inhabiting the game environment, the amount of development that is taking place, the amount of land available for development, the amount of trade, the stability of the economy, taxes, cash flow, the assets of the inhabitants, the standard of living of the characters, the imports and exports into the economy, any other factor that is generally used to value an economy or any combination of the above.
  • the value of a game environment is calculated according to the following equation: consumption + investment + government spending + (exports — imports).
  • the value of a game environment is determined by the final value of the goods and services produced by the resident characters in a given time frame.
  • the value is determined by the market value of the goods and services produced by the resident characters minus the depreciation in a given time period.
  • the value may be calculated by: consumption + investment + government spending + (exports — imports) + net foreign factor income - indirect taxes — depreciation.
  • the value of the assets in a game environment may be assessed.
  • Assets may be valued according to their market value, on a multiple of the underlying natural resource that can be salvaged from the asset, by a professional estimator whether real or virtual, by an investment bank or any other applicable valuation method or combination thereof.
  • valuation may be determined by tax revenue or fees generated by the game environment.
  • cash flow from transactions in the game environment could be calculated.
  • valuation numbers may be used to determine an opening share price for stock in a game environment or on a price for options.
  • earnings in the environment over a set period of time could be multiplied by a factor to arrive at a valuation.
  • the virtual value of the assets of a given game environment could be $2,000,000.
  • a stock multiplier of 2 may be applied to the value to determine that the game environment is worth $4,000,000. Tf 1 ,00O 5 OOO units of stock were initially issued to the player who owns the game environment, the stock is now worth $4.00 per share.
  • Valuations may also rely on conversion rates, factors or tables which may convert all assets to a common unit.
  • Conversion rates may be determined by any means applicable. They may be fixed, on an automated trading system, or as determined by an exchange on the open market or any combination thereof. For example, conversion rates may be based on a comparison of the economies of two game environments, a comparison of a representative basket of goods, the number of player characters in each environment, the amount of a particular virtual asset available in a particular game environment, the amount of production of a virtual asset in the game environments or on any other number of market forces or comparable factors. For example, a gallon of oil may be converted to two gallons of oil when traded from War Craft to Second Life.
  • a barrel of oil may be converted into 1000 thistle seeds within a game environment, and/or a barrel of oil may be converted to 5000 thistle seeds when exchanged between two games. 5000 thistle seeds may be worth 3 shares of stock in a particular game environment.
  • a game attribute coming from a first environment may be converted into a game attribute in a second environment by multiplying the value of the game attribute in the first environment by a conversion multiplier that reflects the difference in the labor (and/or other factors) required to build the game attribute in the first environment vs. the second environment. For example, 1000 thistle seeds in one game environment may be worth 700 thistle seeds in another game environment.
  • the multiplier may take into account any differences in supply, availability, ease or cost of acquisition, or the like, of the resources and/or the prevailing exchange rates of real or virtual currency.
  • Some game environments may be configured to produce items more optimally. These game environments may receive a premium valuation in that their labor is more efficient in that game environment than on other game servers. Alternatively, environments that produce such items more optimally may be penalized or a tariff may be imposed, to create a more fair exchange between or among such game environments.
  • an initial price for the value of the shares may be determined.
  • the sale of shares may take place by any means applicable.
  • the game environment may decide to sell the shares itself, or may select a third party such as an underwriter to handle distribution of the shares.
  • the underwriter or other third party may select the initial price for the game environment and assess demand based on current conditions.
  • the underwriter may charge a fee for such transactions.
  • Such a fee may be a flat fee, a percentage of the total amount to be sold, a percentage of the offering price, or any combination of the above.
  • the initial public offering may take place using a Dutch Auction, Firm Commitment, Best Efforts, Bought Deal or Self Distribution of Stock.
  • the auctioneer begins with a high asking price which is lowered in increments until some participant is willing to accept the auctioneer's price, or a predetermined reserve price is reached. The winning participant pays the last announced price.
  • an underwriter assumes all inventory risk and purchases all securities directly from the issuer for sale to the public at the price specified. With Best Efforts, the underwriter agrees to use all efforts to sell as much of an issue as possible to the public. The underwriter can purchase only the amount required to fulfill its client's demand or the entire issue. However, if the underwriter is unable to sell all securities, it is not responsible for any unsold inventory. In one embodiment, the underwriter has a set time frame for selling the shares.
  • the issuer must return any funds collected from investors.
  • a Bought Deal an investment bank negotiates a price with the issuer and purchases securities from an issuer before selling them to the public.
  • the investment bank (or underwriter) acts as principal rather than agent and thus actually "goes long" in the security.
  • the game environment or the owners of the game environment may self distribute the stock in a direct public offering.
  • Shares may be sold directly to investors, or purchased on an exchange, such as a stock exchange, for virtual or real currency or for items of trade. Exemplary descriptions of exchanges may be found in U.S. Patent Application No. 11/560,456 filed November 16 , 2006, which is hereby incorporated by reference.
  • Such exchanges may exist in the game environment selling the shares or may be located elsewhere in the virtual environment or in a different virtual environment than the virtual environment in which the game environment is located.
  • game environments may choose to offer stock on a real world stock exchange. Upon the issuance of actual stock in a real stock exchange, players could receive and/or have the option to receive real stock certificates/shares in proportion to and/or in exchange for their ownership of the virtual game environment as translated into real stock.
  • Such a translation may be on a one-to-one basis, or based upon each player character's pro rated share of real to virtual shares, or any other method of conversion as agreed upon by the player characters that own such characters and/or game shares and/or as otherwise agreed to by the player characters and/or game manufacturers or any other duly appointed and authorized body to determine such valuation, and/or based upon a majority and/or super majority vote by all affected game players and/or only by those holding virtual shares and then only in proportion to their pro-rata share amounts and/or based upon their preexisting or subsequently established voting rights, which may be determined based upon their number of shares or based on the value of their shares and/or their exercise price for their options and the like.
  • Shares on virtual exchanges may be purchased using real currency, virtual currency, virtual assets or real assets. In one embodiment, purchases may be made in any currency or asset. In another embodiment, the value of the currency or asset must be converted to a specified currency by an exchange rate or conversion rate.
  • the exchange rate for one type of virtual currency for another type of virtual currency, virtual currency for real currency, virtual assets for real assets, real assets for virtual assets, real assets for virtual currency, virtual assets for real currency or virtual assets for virtual currency may be fixed in that the rate does not change for the duration of the game or segment of the game.
  • the exchange or conversion rate may be variable.
  • Such a variable rate may be pegged to a floating real world exchange relationship, for example the U.S. dollar/Japanese yen spot exchange rate, a percentage thereof, a plus or minus adjustment thereof, some other economic indicator, or a combination thereof.
  • the exchange rate may also vary depending on the country of origin of the player, or may be fixed to a particular real world currency, i.e., all exchange rates are quoted in dollars.
  • the exchange rate may be floating and determined by market forces such as the relative demand for virtual currency versus real world currency, or the relative demand of particular types of virtual currency.
  • Said exchange rates may further be established or determined by any suitable method including, but not limited to, by a) the game manufacturer, b) the owner(s) of the server(s) upon which the game resides, c) one or more player characters, d) market forces, e) law or regulation of the game or within the real world, f) negotiation among the affected parties, or g) any combination of the above.
  • Shares may all be of the same class or there may be multiple classes of shares with different rights. For example, some shares could be common stock, other shares could be preferred stock, prior preferred stock, convertible preferred stock, phantom stock, restricted stock, or treasury stock. Common stock usually entitles the owner to vote at shareholders' meetings and to receive dividends. Preferred stock generally does not have voting rights, but has a higher claim on assets and earnings than the common shares. For example, owners of preferred stock receive dividends before common shareholders and have priority over common shareholders in the event that a company goes bankrupt and is liquidated. Voting rights may also differ based on the type of shares. For example, one class may have the right to elect only a small percentage of the managers or members of the board or may have no election rights. Another class may elect the majority of board members. A further class may have the right to elect the government of the game environment.
  • residents of a game environment may be offered shares prior to an IPO and/or offered the opportunity to trade assets owned in the game environment for a particular class of shares using such steps as: 1. Output a virtual IPO cash price of a share of a game environment to a player character.
  • all residents may be given an equal number of shares when residency is established.
  • residents of a game environment may be given shares in an amount representative of their relative assets in that game environment. For example, some or all of the following steps may be used:
  • Stock options in a game environment may also be distributed. Such options may be given to all members of a game environment, key personnel in a game environment, potential players, leaders in a game environment, as a recruitment tool to encourage people to play in a game environment, may be distributed at random, or according to any criteria determined by the governing body or owners of the game environment, or any combination of the above. Such options may be based on the appraised market value of the shares or on any share strike price desired. Options may be exercisable at any time, or may not be exercisable until a public offering has been made or until a certain amount of time has passed after the initial public offering. Expiration of the options may be set at any time. In one embodiment, options must be exercised within five years. Tn another embodiment, options must be exercised within ten years. In one embodiment, some or all of the following steps may be used to exercise an option:
  • Types of transactions may be limited by the level of participation of the player or player character. Such limitations could depend upon the skill, experience, and sophistication of the authorized user and/or the player's real or virtual credit score and/or real or virtual current or predicted income levels. For example, players may advance through different levels of play and after achieving certain benchmark standards or having an account established for a particular length of time, they may be granted wider access to financial intermediaries and the services provided by such intermediaries.
  • Various embodiments of the invention provide a means for raising funds for development in an online environment. Such a system allows for the development of the game and widens the financial opportunities available to players, increasing the enjoyment of the players and the sophistication of play available.
  • Funding may be sought for a variety of reasons including, but not limited to expansion plans, public works, construction, public services, development of infrastructure, the building of any virtual business, the promotion of any virtual business or event, the payment of a virtual design on any virtual product, the performance of one or more virtual services, or any of a myriad of other reasons for which exterior funding may be required.
  • Such funding may be obtained through a variety of means both public and private including, but not limited to, taxes, fees, licenses, bond issuance, loans, investors, commercial paper, convertible debt, bills, notes, debt issuance, promissory notes, venture capital, the issuance of private shares, transforming the game environment into a public company through an initial public offering, or through a follow on offering such as the issuance of common stock, preferred stock, or treasury stock.
  • a game environment may impose virtual taxes on the characters that play in that environment and/or businesses that operate in an environment.
  • Taxes may be imposed using any means applicable and in any form suited to meet the purposes of the game environment imposing the taxes.
  • Taxes may be direct or indirect. They may be ad valorum taxes such as sales taxes, tariffs, property taxes, inheritance taxes, and value added taxes.
  • Tax rates may be progressive or flat. There may be income taxes, retirement taxes, capital gains taxes, corporate taxes, poll taxes, excises, toll taxes, use taxes, transfer taxes, inheritance taxes, and wealth taxes. Such taxes may be flat fees, percentages, or a combination thereof.
  • the virtual tax system could be a lottery.
  • the virtual governing body could set the lottery ticket price, where the funds are allocated, the percentage of the collected funds that will be distributed to the winner, and the method of distribution.
  • the winning number or other indication of winning could be determined by an independent party or by the governing body.
  • the funds that are not distributed to the winner could be used to fund virtual public works.
  • a game environment may charge fees or require licenses for certain virtual services.
  • fees may be charged to open virtual businesses.
  • There may be exchange fees, servicing fees, credit verification fees, processing fees, insurance fees, application fees, late payment fees, prepayment fees, etc.
  • a player or virtual business interested in providing financing options may be required to have a premium account or may be required to pay a fee.
  • characters providing certain services such as virtual exchange trading may need to pay a licensing fee in order to represent other characters.
  • Fees may be flat fees, per transaction fees, a fee based on a percentage of the transaction or any combination of the above.
  • fees may be charged for the use of the virtual project being funded.
  • residents of a game environment may be assessed a fee for the construction of a virtual public work from which they will receive the benefit.
  • characters could be charged a fee for the use of a virtual public work and such fees could be used to construct other virtual public works.
  • Fees may be a flat fee, a per transaction fee, a percentage fee, or a combination thereof.
  • those who helped fund the virtual public work will not be charged a fee or may be charged a reduced fee to use the virtual public work once it is completed, while those who did not contribute to its construction would be charged a larger fee.
  • Such rights to reduced or eliminated fees may be marketable, inheritable, or attached to the character who paid the initial fee.
  • An evaluation of such rights and an assessment of the necessary fee could be made using one or more of the following steps: a. Determine that a player has used a virtual asset. b. Determine if player assisted in funding the virtual asset. c. Determine a fee for using the virtual asset based on whether or not and to what degree character funded the creation of the virtual asset. d. Output fee to player.
  • the character could request to use the virtual public work and be assed a fee using some or all of the following steps: a. Receive a request to use a virtual utility. b. Determine a usage fee and a registration fee. c. Output fees. d. Receive payment for fees. e. Register player or group of players to use utility, including player character credit card to be charged if virtual cash is not available for fee.
  • Fees could also be assessed automatically, for example using some or all of the following steps: a. Determine a virtual cash fee is due for using a utility; b. withdraw virtual cash fee from account(s) of player character or group of player characters using the utility. [0444] If the virtual cash fee is not available, then some or all of the following steps could be used to obtain fees from other sources: a. Determine real cash value for the utility fee. b. Retrieve credit card associated with player character. c. Charge real cash value to credit card. d. Convert real cash into virtual cash. e. Deposit virtual cash into account.
  • a game environment including a business, may obtain funds from third parties on a temporary basis. Funds may be lent through the issuing of virtual bonds, virtual governing entity securities, and virtual consumer and commercial loans or by any other means typically used to advance funds.
  • players may control one or more characters and each character may apply for and obtain one or more loans. Additionally, groups of characters may come together and apply for loans.
  • a player character may be limited from lending currency to himself, another player character controlled by the same player, or a player character that is a family member, guild member, or affiliated in some way with the lending player character.
  • a virtual state run virtual bank may be prohibited from lending money to the virtual state that controls it.
  • bank is used throughout the present disclosure when describing an exemplary embodiment of a financial intermediary or other lending entity which may function as a lending institution, however it is understood that the processes as described herein may apply to any type of financial intermediary or lending institution and the types of services they generally provide in the real world.
  • Virtual banks are described, for example, in co-pending U.S. Patent Application No. 1 1/421 ,263, filed May 30, 2006 and 1 1/535,585, filed November 27, 2006, each of which is hereby incorporated by reference.
  • a virtual loan may be obtained by applying for a loan, receiving the terms of the loan, agreeing to the terms of the loan and receiving the funds.
  • An exemplary system 101 configured to provide the virtual environment described above is shown in Fig. 20.
  • system 101 may include a game server 20a, a bank server 20c, and a credit card server 2Od.
  • Game server 20a may include a Loan Creation Program 430, whereby a bank server or other third party can register a loan with the game server.
  • Game server 20a may further include a Loan Payment Program 432, a Loan Converted to Shares of Asset Program 434 and a Loan Registration Program 436.
  • Bank Server 20c may equally be any other financial intermediary server including a contractual savings institution or investment intermediary server.
  • Such servers 20c may include a Loan Generation Program 438, a Register Loan with Game Server Program (not shown), a Loan Payment Program 440, a Ping Credit Line 442, a Prohibit Sale of Virtual Assets Program 444, a Release Credit Line when Loan is paid 446, and a Loan Converted to Shares of Asset Program 448.
  • Bank server 20c may additionally include databases such as loan account database 450 and account database 452.
  • Credit Card Server 20d may include a Lock Credit Line Program 454, a Release Credit Line 456, and a Ping Credit Line program 458.
  • loan Generation Program 438 may create a loan using some or all of the following method steps: a. Receive a request to borrow virtual cash including a player character ID and a real world account number. b. Validate real world account number and credit line amount. c. Determine a virtual loan amount based on credit line amount. d. Determine an interest rate and virtual payment schedule. e. Output a virtual loan offer including a virtual cash loan amount, virtual interest rate and virtual payment schedule to player character. f. Receive acceptance of virtual loan offer from player characters). g. Lock real world credit line. h. Create new virtual loan record. i. Output virtual currency to game environment account.
  • the virtual loan may be registered with the game server using loan registration program 436.
  • a credit line provided may be locked using lock credit line program 454.
  • information regarding repayment of a loan may be stored using loan payment program 432. All information regarding the virtual loan, may be stored by any means applicable, for example in loan account database 452.
  • the virtual loan may be the sum of the credit lines a group of player characters are willing to make available on their credit card accounts to secure the loan.
  • a game environment may borrow funds based on its own standing without the security offered by the player characters controlling the game environment.
  • a game environment may have its own accounts, its own funding, and may be evaluated based on its own history, creditworthiness or other valuation.
  • Virtual loans may be secured or unsecured.
  • An unsecured loan is a loan that is issued and supported only by the borrower's creditworthiness, rather than by some sort of collateral.
  • a secured loan is a loan which is backed by collateral.
  • collateral may belong to the character or game environment seeking the loan or to a third party.
  • the collateral may be a real world credit line supported by a real world financial institution, a real world financial security, a real world asset, a virtual financial institution, a virtual credit line, a virtual financial security, a virtual property or business, a virtual asset, a real world property, a promise to perform certain services or any combination thereof.
  • the collateral is a real world credit line.
  • Each player may indicate the amount of collateral in the form of the real world credit line he is willing to allocate against the virtual loan.
  • a real world credit line may be a credit card, debit card, private or public payment facilitator account (i.e. paypal), brokerage account, equity line or other financial security and/or the financial security of another player character and/or a non-playing third party, such as a bank, credit institution, credit card company, mutual fund, hedge fund, insurance company, etc. or any combination of these or any other type of real world financial instrument or institution that provides a credit line or holds or secures assets for third parties.
  • real world credit lines can be frozen by the bank owner or game server, and/or just periodically "pinged" to ensure their validity and that sufficient credit is available to underwrite the loan.
  • the continuing availability of the real world credit line may he determined by any means applicable.
  • Ping Credit Line program 442 may be configured to complete some or all of the following steps: a. Determine that a player character has an outstanding virtual loan. b. Determine real and virtual cash value of loan. c. Retrieve credit card associated with loan. d. Ping credit card for the outstanding real cash value of the loan amount. e. If credit equal to loan amount is not available. f. Liquidate virtual assets of player character equal to virtual cash value of virtual loan. g. Deposit virtual cash in loan account to pay off loan.
  • the "ping" from the bank server may be responded to by ping credit line program 442 on the credit card issuer server.
  • the system could receive notification that the credit card or credit line is no longer valid.
  • the bank, system, game owner, server owner, or other debt holder may require payment in full of the virtual loan, require the player to provide a new credit line, require additional collateral to secure the virtual loan, secure a secondary line of credit which was previously provided or may be secured from other player characters, notify other characters of the opportunity to purchase a virtual loan, foreclose on virtual assets held by the defaulting character, freeze the virtual accounts of the character or player, or any combination thereof.
  • the balance of the virtual loan may be reallocated among the remaining credit cards securing a group loan.
  • Release Credit Line when Loan is Paid program 456 may be configured to: a. Receive indication that final payment of virtual loan has been received. b. Retrieve credit card associated with virtual loan. c. Notify credit card issuer to release credit line.
  • Release Credit Line when Loan is Paid program 446 may be configured to: a. Receive indication that a periodic payment of virtual loan has been received. b. Retrieve credit card associated with virtual loan. c. Notify credit card issuer to release an equal or other determined portion of the credit line.
  • Release Credit Line when Virtual Loan is Paid program 1446 may be controlled by Virtual Loan Payment program 440. This program may then instruct the credit card issuer server to release the credit line using Release Credit Line program 456.
  • a real or virtual credit line can secure the virtual loan payment amount, the entire virtual loan amount, or a ratio of the two.
  • factors such as game growth rates, taxes, inflation and/or exchange rates, credit worthiness of the character or player, riskiness of the venture or purpose of the virtual loan, the amount of debt the character, player or game environment has outstanding, or any combination thereof may be considered in determining the total amount to secure on the real world credit line.
  • Such determinations and evaluations may be made by a) the game manufacturer, b) the owner(s) of the server(s) upon which the game resides, c) one or more player characters, d) market forces, e) negotiation among the affected parties, f) any combination of the above.
  • Information regarding the credit lines used to secure a virtual loan may be stored by any means applicable. In one embodiment, such information may be stored in Account database 452.
  • the amount of a real world credit line to be frozen can be based on the exchange rate of virtual currency for real currency.
  • the exchange rate could be one for one.
  • the exchange rate may be based on the exchange rate at the time of the formation of the loan. It may also be based on the exchange rate at the time the player's credit card or other credit line is charged.
  • the exchange rate may be adjustable for the term of the loan. Such adjustments may be based on inflation, actual exchange rates, market forces or other economic indicators or a combination thereof.
  • the exchange rate may be fixed in that the rate does not change for the duration of the game or segment of the game.
  • the exchange rate may be pegged to a floating real world exchange relationship, for example the U.S. dollar/Japanese yen spot exchange rate, a percentage thereof, a plus or minus adjustment thereof, some other economic indicator, or a combination thereof.
  • the exchange rate may also vary depending on the country of origin of the player, or may be fixed to a particular real world currency, i.e., all exchange rates are quoted in dollars.
  • the exchange rate may be floating and determined by market forces such as the relative demand for virtual currency versus real world currency.
  • Said exchange rates may further be established or determined by any suitable method including, but not limited to, by a) the game manufacturer, b) the owner(s) of the server(s) upon which the game resides, c) one or more player characters, d) market forces, e) negotiation among the affected parties, f) any combination of the above.
  • the exchange rate may also be composed of any combination of the above methods. For example, the exchange rate could be fixed for a certain length of time and then change to market forces or vice versa. Alternatively, there may be a cap on the amount of fluctuation in the exchange rate during the term of the loan.
  • the credit cards or other credit lines used as collateral may be charged according to any of a number of criteria including, but not limited to, charging all of the credit cards used to secure the virtual loan in equal percentages until the credit line is maxed out, and then in an equal percentage on the remaining credit lines until no credit line is available; in an order designated by the virtual loan agreement, i.e. charge credit card A first up to a fixed amount, then charge credit card B, etc.; or in a ratio specified under the loan agreement.
  • the collateral may be a non-financial asset.
  • Such an asset includes any item of economic value including, but not limited to, a virtual object; a virtual skill or attribute; virtual property or business; a real world object or property; a promise to perform certain services, or any combination thereof.
  • the collateral is the natural resources and/or building materials used to construct the virtual project.
  • the collateral may be a collection of assets held in escrow. In the event of a default, such assets may be sold, or otherwise liquidated.
  • the bank or other party providing the virtual loan may desire part ownership in an asset in return for the virtual loan.
  • the virtual loan could be structured so that it is convertible for a percentage ownership of the virtual item or asset that it was used to purchase or construct (and/or in addition to additional assets and/or penalties).
  • the player characters that took out the virtual loan or the bank that issued the virtual loan can convert the virtual loan obligation into a percentage ownership of the asset(s) that the virtual loan was used to purchase or create.
  • the terms of the conversion could be specified in the virtual loan agreement and the conversion rate may change over time as the virtual loan balance is reduced.
  • the bank or other party may take ownership in the game environment. Ownership could also be conferred in the issuance of shares or stock options. Such ownership may include anti-dilution provisions, or other provisions designed to protect the stake of the bank or other lending entity.
  • the bank may limit the amount of stock the virtual business may issue such that the percentage ownership does not become diluted.
  • the bank may receive a percentage of stock or stock options in the virtual business with each issuance of new stock. This decision can be made by the game server based on the venture and the player character credit scores or real world credit line and/or manually.
  • the conversion of the virtual loan to a security or other arrangement may be managed by Loan Converted to Shares of Asset program 448.
  • the bank could obtain possession of the entire virtual item or asset in the event of a default. The bank could then sell or otherwise dispose of the virtual asset.
  • Such information is generated through Loan Converted to Shares of Asset program 434 which may be configured to perform some or all of the following steps: a. Receive a request to convert all or a portion of an outstanding virtual loan into shares of a virtual asset by a virtual bank server or player character. b. Retrieve and amend loan obligation. c. retrieve and amend ownership structure of virtual asset. d. Notify loan parties and owners of asset that virtual loan has been converted into shares of a virtual asset.
  • the terms of the virtual loan may include interest.
  • the interest rate may be fixed in that the rate does not change for the duration of the game or segment of the game.
  • the interest rate is pegged to a floating real world or virtual world interest rate, a percentage thereof, or an interest rate plus or minus a particular sum (i.e. prime +/- 2%).
  • An exemplary real world interest rate would be the three month U.S. treasury bill yield to maturity.
  • the interest rate may be determined by market forces such as exchanges in the virtual or real world or other economic indicators.
  • Said interest rates may further be established or determined by any suitable method including, but not limited to, a) the game manufacturer, b) the owncr(s) of the scrvcr(s) upon which the game resides, c) one or more player characters, d) market forces, e) negotiation among the affected parties, f) the availability of funds, g) the current or predicted real or virtual credit score of the player, h) the current ratio of bank funds on deposit vs.
  • interest rates may be customized on the basis of risk: i.e. reasons for or uses of the proceeds of the virtual loan; the financial or business plan underlying the virtual loan; default rate of the borrowers); credit worthiness of the borrowers); type of virtual investment pursued by the borrower(s); portfolio of the bank; outstanding loans of the borrower(s) or the game environment; how much currency the bank has available to lend; costs to the bank for obtaining the currency; the term of the virtual loan; or any combination thereof.
  • Evaluation of the risk may be determined by a) the game manufacturer, b) the owner(s) of the server(s) upon which the game resides, c) one or more player characters, d) market forces, e) negotiation among the affected parties, or f) any combination of these.
  • the game or virtual bank server may periodically determine an average balance over a fixed time period, multiply the balance by the specified interest rate and charge the virtual interest rate to the account.
  • Such compounding time periods may be continuously hourly, daily, weekly, monthly, yearly or as determined by a) the game manufacturer, b) the owner(s) of the server(s) upon which the game resides, c) one or more player characters, d) market forces, e) negotiation among the affected parties, f) any real world or virtual rule, law or regulation, or g) any combination thereof.
  • some virtual loans may have priority over other virtual loans, i.e., if a player character enters bankruptcy or otherwise defaults on any virtual loan, some virtual loans may recover from the assets of the player character before those of other virtual loans.
  • Priority of virtual loans may be established at the time the virtual loan is secured and/or based upon the date secured, for example, giving preference to virtual loans secured earlier over those secured later. Priority may also be granted based on the type of virtual loan obtained, or the type of underlying assets used to secure the virtual loan. For example, a virtual loan used to purchase property may have priority over a virtual loan used to purchase a disposable asset or vice versa.
  • the game environment including a business may issue virtual bonds in order to raise capital.
  • a bond is a long term debt security in which the issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date, termed maturity.
  • a game environment may issue any type of bond found in the real world as well as types of bonds that are only found in the virtual world.
  • a game environment may issue bonds such as, but not limited to, fixed rate bonds, floating rate notes, high yield bonds, zero coupon bonds, convertible bonds, inflation linked bonds, indexed bonds, equity linked notes, asset backed securities, including, but not limited to mortgage-backed securities, collateralized mortgage obligations, collateralized debt obligations, subordinated bonds, perpetual bonds, bearer bonds, open-end bonds, debentures, mortgage bonds, closed end bonds, equipment trust certificates, and book-entry bonds.
  • bonds may be collateralized by real or virtual assets or may have no collateral.
  • the residents of a game environment may vote to have a virtual bond issuance.
  • a virtual governing body may output a list of virtual public projects for which they are seeking funding.
  • Virtual residents may vote on the virtual projects they want to fund or are willing to pay for, and virtual projects which are not selected do not get funded.
  • Such a process could be completed using some or all of the following steps: a. Output a request for a bond, including a project description and budget. b. Receive votes on bond. c. If majority of votes favor bond, flag bond and associated project as approved.
  • system 10J configured to provide the virtual environment described above is shown in Fig. 21.
  • system 10J may include a game server 462, a bank server 474, and a credit card server 482.
  • Game server 462 may include a Bond Creation program 464.
  • Game server 462 may additionally include one or more databases including Player Database 466, Character Database 468, Game Environment Database 470, Bond Database 472, a Utility Database(not shown), and a Utility Conditions Database (not shown).
  • Bank server 474 may equally be any other financial intermediary server including a contractual savings institution or investment intermediary server.
  • Such servers 474 may include a Bond Payment Program (not shown) and databases such as Bond Database 478 and a Utility Fee Database (not shown).
  • Credit Card Server 482 may include an Account Database program 486.
  • the game server and the bank server may be the same server and the method steps for creating and managing utilities and bonds can be divided between the two.
  • bond creation can be the responsibility of the bank server and registration and fees can be managed by the game server or vice versa.
  • Bond creation program 462 may be used to format and manage a bond issuance.
  • Information regarding virtual bonds may, for example, be stored in Bond Database 472.
  • Player database 466 may include information such as, but not limited to, player ID, the character(s) controlled by the player, billing information and personal information.
  • Character database 468 may include information such as, but not limited to, character ID, player ID, assets, skills, obligations, and game environment access.
  • Game environment database 470 may include information such as ownership, debt, assets, outstanding shares, outstanding bonds, government, natural resources, etc.
  • bond creation program 462 may assemble an issuance request using some or all of the following steps: a. Receive a group registration. b. Receive a virtual Utility plan blueprint and project timeline. c.
  • Receive a virtual Utility business model including fees for using a virtual utility and number of potential player character users.
  • d. Determine a credit card payment method in the event of a dividend or bond payment default.
  • e. Generate a list of virtual resources and services required to complete virtual utility based on blueprint.
  • f. Generate a virtual cash value for the virtual resources and services.
  • g. Create and store a virtual bond request based on the group, blueprint, timeline, business model, credit card payment method, resources, services and cash value.
  • Generate a bond request registration fee i. Charge fee to group account.
  • Virtual bonds may be issued with particular terms. Such terms include the interest or coupon rate, a face amount, a maturity date, and possible options.
  • the interest or coupon rate may be fixed or variable. Tn one embodiment, the interest rate is pegged to a floating real world or virtual world interest rate, a percentage thereof, or an interest rate plus or minus a particular sum (i.e. prime +/- 2%).
  • An exemplary real world interest rate would be the three month U.S. Treasury bill yield to maturity.
  • the interest rate may be determined by market forces such as exchanges in the virtual or real world or other economic indicators.
  • Said interest rates may further be established or determined by any suitable method including, but not limited to, a) the game manufacturer, b) the owner(s) of the server(s) upon which the game resides, c) one or more player characters, d) market forces, e) negotiation among the affected parties, f) the availability of funds, g) by any real world or virtual rule, law or regulation, or h) any combination of the above.
  • the interest rate may be partially fixed and partially variable.
  • the coupon may be paid to the bond holder at any interval agreed upon at the time the bond is issued. For example, the coupon may be paid monthly, semi-annually or annually or on any other schedule.
  • the virtual bond may have a nominal, principal or face amount which has to be repaid at the end.
  • a virtual bond may have an issue price at which investors buy the bonds when they are first issued.
  • Virtual bonds may also have a maturity date at which time the issuer must repay the nominal bond. The length of time until maturity may be any length of time or the virtual bond may never mature.
  • the virtual bond may have an embedded option.
  • the virtual bond may give the issuer the right to repay the bond before the maturity date (callable bond).
  • some virtual bonds may give the bond holder the right to force the issuer to repay the bond before the maturity date.
  • Options may be executed at any time, or only on specific dates.
  • the option may be a Bermudan callable in which the issuer may repay the bond on several dates. Such dates may coincide with the coupon dates or may be at other times.
  • the option may be a European callable in which there is a single specific date on which the issuer may pay the virtual bond early.
  • the option may be an American callable in which the issuer may pay the virtual bond at any time until the maturity date.
  • the issuer may pay the virtual bond at any time until the maturity date.
  • it maybe able to issue new virtual bonds and use the proceeds either to redeem the older virtual bonds or to exercise a call option.
  • An issuer may decide or be required to retire a certain portion of outstanding virtual bonds periodically.
  • Such virtual bonds may be recalled randomly, recalled according to a specific system, or purchased on the open market.
  • the virtual bonds may be convertible in that they may be exchanged for a number of shares of the issuer's common stock.
  • the virtual bonds may be exchangeable for shares of a corporation other than that of the issuer.
  • the issuance of virtual bonds may or may not require registration. Such registration may take place with the game owner, game server, or some other governing entity. Registration may require information such as the name of the issuer, the names of the characters or player controlling or managing the issuer, affiliates, underwriters, owners, marketing arrangements, financial statements, details regarding the type of securities being offered, the price, commissions, compensation, risk factors, use of the proceeds of the offering, assets of the game environment, significant milestones, or any other related information generally required in the real world for registration of an offering. Such registration may be stored by any means available, for example in bond database 472. In another embodiment, each virtual issuance may be registered with a bank which acts as a clearinghouse for the bonds. Information regarding a particular virtual issuance may be stored by any means applicable, for example in bond database 234.
  • virtual bonds may be brought to market by the issuer, an underwriter or a syndicate.
  • a syndicate is a temporary partnership of dealers which has been established to underwrite and sell a particular issue of bonds.
  • the issuer may approach the underwriter directly, or an issuer may publish an official notice of sale to solicit bids.
  • Such publication may be by electronic mail, regular mail, screen alerts, publication in a journal such as a real or virtual financial journal or any other means calculated to inform potential underwriters that an issuer is seeking to have a bond issuance.
  • a database may be created in which underwriters can indicate that they are interested in obtaining a bond issuance and issuers can indicate that they are seeking a bid.
  • Such a database may be searchable, browsable, and/or may include a matching program that pairs issuers and underwriters.
  • an underwriter or syndicate may bid on an issuance.
  • the virtual bond offering may take place using a Dutch Auction, Firm
  • the underwriter has a set time frame for selling the shares. If all of the shares are not sold within the agreed- upon time frame, the issuer must return any funds collected from investors.
  • a Bought Deal an investment bank negotiates a price with the issuer and purchases securities from an issuer before selling them to the public.
  • the investment bank (or underwriter) acts as principal rather than agent and thus actually "goes long" in the security. Once the shares are initially sold, they may be traded on an exchange or other secondary market.
  • the game environment or the owners of the game environment may self distribute the stock in a direct public offering. Once an underwriter or syndicate has won a bid, the syndicate or underwriter may sell the bonds.
  • the selling entity may receive orders for the issued virtual bonds. Orders may be prcsalc orders received before the actual bid is submitted, group account orders for the group as a whole at the net offering price, designated orders which specify which syndicate members will receive a credit and member takedown orders which are orders from members for sale to the members' own customers.
  • the virtual bonds Once the virtual bonds are sold on the primary market in the initial offering, they may be traded on a secondary market such as the over the counter bond market.
  • virtual bonds can be bought in incremental units or percentage of the whole. For instance, player characters can buy 100 $1 bonds or 1% of a $100 bond.
  • all or part of an issuance may be purchased using some of the following steps: a. Receive an indication of interest to purchase all or a portion of a bond issuance. b. Receive a virtual cash payment. c. If virtual cash payment fulfills bond, notify group that bond request has been filled. d. Issue virtual cash to group based on business plan associated with bond request.
  • a virtual bond offering may include virtual bonds that are all of the same type. Tn another embodiment, the virtual offering may be in tranches or classes. Each tranche may have different ratings, and may or may not be secured by different assets, or may be unsecured. Subordinated bonds are those that have a lower priority than other bonds of the issuer in case of liquidation.
  • payments may be required. Such payments may be the notional value, periodic interest payments, or retiring of all or a portion of the issuance. In one embodiment, payments may be made using Bond Payment Program (not shown). Such a program may use some or all of the following steps: a. Determine that a virtual bond payment is due. b. Withdraw virtual cash amount equal to bond payment amount from issuer account; and c. Transmit bond payment to bond holders based on ownership structure and conditions
  • a virtual bond issuance may take place using any means applicable and for any reason for which funding may be sought.
  • a game environment such, as a city/corporation (or other group type such as guild, etc.) may seek to raise funds using a virtual bond issuance.
  • Information regarding the city/corporation may be stored by any means possible, for example in Game Environment Database 470 and may include data such as: a. Group TD b. Character Members 1-n c. Group Assets and Attributes
  • a city/corporation may own, or have within the game environment a virtual utility such as water, gas, electricity, etc. or some other public work.
  • the virtual Utility may be privately held or owned by the game environment.
  • Such information may be stored by any means applicable, for example in a Utility Database and may include data such as: a. Utility ID b. Group ID(s) c. Usage Conditions d. Blueprint c. Components) f. Owners (s) g. Ownership Percentage h. Obligations
  • Utility Conditions Database Information regarding the virtual utility, its use, status, availability, capacity, or any other necessary information may be stored in a Utility Conditions Database and may include data such as: a. Condition ID. b. Condition Descriptor. c. Utility types 1-n.
  • the city/corporation may seek to upgrade the virtual utility or create an additional virtual utility through a virtual bond issuance.
  • the issuance may be voted on and approved by the residents of the game environment.
  • a virtual bond issuance may then be created and information regarding the bond issuance stored in bond, database 478.
  • Such information may include, for example, a. Bond ID. b. Bond Creation Date. c. Bond Amount. d. Group ID. e. City/Corporation ID. f. Utility TD. g. Bond Amount. h. Bond Conditions. i. Bond Payment Schedule.
  • Bond database 472 Information regarding previous issuances by the same or different game environments, or for the same or different projects may be stored, for example in bond database 472. Such information could include, for example, a. Bank ID b. Utility ID c. Group ID d. Bond Conditions e. Bond Creation Date f. Bond Creation Schedule
  • Utility Fee Database 480 may include data such as: a. Utility Fee ID b. Utility Fee Descriptor.
  • a game environment including an in-game or virtual business, may seek direct investment, for example through a venture capitalist, angel investor, hedge funds, leveraged buyout and merchant banking funds or a public offering.
  • a game environment, including an in-game or virtual business may approach a venture capitalist, angel investor, or hedge fund; venture capitalists, angel investors and hedge funds may seek out virtual investment opportunities; or a database may be created listing virtual investment opportunities and/or possible investors. Such a database may be searchable, browsable, or may provide a matching program based on criteria selected by the investors and or game environments seeking investors.
  • such direct investment funding sources are referred to as "venture capitalist funds" or "VC funds” though the methods and steps may similarly apply to other sources of funding such as angel investors, hedge funds or merchant banking funds.
  • system 1 OK configured to provide the virtual environment described above is shown in Fig. 22.
  • system 1 OK may include a game server 488, a venture capital server 504, and a credit card server 516.
  • Game server 488 may include ' a register VC program 490, manage VC program 492, register VC investment program 494, manage VC investment program 496, Debit Card Issuance Program (not shown), Debit Card Usage Program (not shown), Credit Card Issuance Program 512 and Credit Card Usage Program (not shown). Game server 488 may further have one or more databases, such as, but not limited to, player database 498, player character database 500, VC database 502, Credit Card Database (not shown), and Debit Card Database (not shown).
  • VC server 504 may include programs such as initiate VC Investment Program 506, Receive Dividend Program 508, Receive Proceeds from Sale of Assets Program 510, Initiate Sale of Assets Program 512, Fund Usage Program (not shown) and may include databases such as VC Agreements Database 514, Debit Card Database (not shown), and Credit Card Database (not shown).
  • Credit card server 516 may include programs such as a lock credit line program 518, a ping credit line program 520 and an account database program 522.
  • Virtual venture capital funds may be in existence at the time of formation of the game, or may be created by one or more players, characters or game environments.
  • a virtual venture capital fund may be any form permitted by the game server, game owner, or other governing entity of the game or game environment.
  • a virtual venture capital fund may be a partnership, a private corporation organized as a limited partnership, a company taxed as a partnership such as an LLC, or any such similar organization as regulated by the game owner, game server and/or game environment.
  • Information regarding the characters involved in running and investing the venture capital fund may be stored, for example, in player character database 500.
  • Information regarding the players controlling the characters involved in the venture capital fund may be recorded by any means applicable.
  • such information is stored in a VC database and/or a player database.
  • a bank or other financial intermediary may act as a VC fund, investing in game environments rather than providing loans.
  • the game environment, a particular government, or a virtual land area governed by the game environment or by player characters may limit the number of virtual VC funds that can exist in the environment, or the number of particular types of investment funds that can exist in a particular game environment. Accordingly, there may be a licensing requirement and/or a limit on the number of licenses that are available at any particular time in a virtual environment. In some embodiments, if a virtual VC fund closes or becomes inoperable, the license may be forfeited and may revert to the governing entity such that it is available to a new entity desirous of starting a virtual VC fund, or it may be sold by the player character(s) that own it.
  • the game server and any government formed by the game server or by a group of player characters may charge a tax or fee each time a license is issued or resold. Such fees could be up front, periodic, or any combination thereof.
  • There may also be different types of virtual licenses which may have different limitations imposed upon them regarding the amount, type, and quantity of investments that can be made by a particular virtual VC fund.
  • the granting of a virtual license or the ability to open a virtual VC fund may be governed by certain regulations.
  • Such regulations may be imposed by a governing entity, by a central institution, by the game server, game owner, server owner, or group of managing players. These regulations may impose certain requirements that must be met prior to the formation of a virtual VC fund.
  • Such requirements may include, for example, the ability to pay a given fee, reserve requirements, availability of land and/or an appropriate building or other assets in the virtual environment, procurement of various suitable skills by the requesting group, particular organizational requirements, funding requirements, etc. In such a case, only those requests that come from an entity that is able to fulfill any imposed requirements will be granted a virtual license, if one is available.
  • the amount of the virtual license fee may be determined using any method suitable for the virtual environment. Tt may be established by the game itself, the owners or manufactures of the game, the game server, the owners of the server, a plurality of a predetermined number of players in existence at the time of the creation or acceptance of the license, by real and/or virtual law, or any combination thereof.
  • a VC fund may need to be registered with the game server or other governing entity. Such registration may be independent of or in conjunction with a licensing requirement. Registration of a virtual VC fund and payment of a virtual license fee may be accomplished, for example, using Register VC program 308 which may use some or all of the following steps: a. Receive a request to register a virtual Venture Capital fund including the VC owners, VC assets, VC location, and VC accounts. b. Determine if a license is available for the VC. c. If a license is available determine a permit price. d. Output license price. e. Receive acceptance of license price. f. Create VC fund. g. Output notice that fund is created. h. Charge VC fund account the license price.
  • the management structure and running of a virtual venture capital fund may be ad hoc or may be dictated by organizational documents.
  • Organizational documents may include such information as the time fixed for the fund's existence, an outline virtual investment decision-making, details regarding the involvement of the limited partners, descriptions of percentage ownership, guaranteed dividends, profit distribution, the ability to dissolve the partnership, the maximum virtual investment allowed in any single game environment, the use of virtual debt, re-investment of virtual profits, private investment by the general partner, future raising of capital by the general partner, virtual investments with other funds, the addition of other general partners, management fees, exit strategies for the funds investments or any other type of information generally found in such documents.
  • a virtual venture capital fund may be run by the game server(s).
  • a virtual venture capital fund may be run by a financial intermediary.
  • Enforcement of the organizational documents may be accomplished by any means necessary, for example using manage VC program 492.
  • Information regarding the organizational documents may also be stored in a database such as a VC governance rules database which may include information such as the specific rule ID and a description of the rules for running the virtual VC fund.
  • manage VC program 492 could execute the regulations of the organizational documents, pay any fees, update licenses, and otherwise manage the financial activities of the virtual VC fund.
  • manage VC program 492 could be configured to: a. Determine that a VC must pay a license fee. b. Output a notice to player character owners of VC that a license fee is due. c. If payment is not received, the game server or other governing entity may suspend the activity of the virtual venture capital fund.
  • Funding for virtual venture capital funds may come from any source applicable.
  • virtual venture capital funds may be funded upon creation by the game or game server.
  • virtual venture capital funds may be funded by characters, players, and/or game environments.
  • a fund may seek funding from interested players, characters, game environments, or other third parties.
  • Funding may be in real or virtual currency and/or real and/or virtual assets. Investors may be required to guarantee their funding using a credit line or some other source of collateral.
  • a virtual venture capital fund may be formed as outlined in Figure 24 in which a group of characters, institutions or game environments forms a management team to run a fund.
  • the management team may consist of one or more characters.
  • the management team drafts organizational documents describing the running of the fund and applies for registration of the fund.
  • members of management teams may need to meet certain criteria in order to run a fund. For example, they need to have certain types of accounts such as premium accounts, certain skills, a particular asset base, a particular level of experience, or any other criteria deemed necessary by the requirements of the game.
  • the game server or other overseeing entity may verify the organizational documents to determine that they fulfill the necessary requirements.
  • the organizational documents are reviewed for management structure such as the involvement of the limited partners, or what type of organization the fund will be; the length of time the fund will be in existence; and the investment strategy of the fund.
  • the parameters of the game may require some or all of these aspects as well as additional aspects be described in the organizational documents such as the other type of information described above. If the management team and the organizational documents meet the necessary standards, the fund will be registered with the game and may solicit investors. In alternate embodiments, investors may come together to form a fund so that the source of the funding is available prior to the formation of the management team.
  • game server 488 may be configured to create a virtual venture capital fund using some or all of the following method steps: a. Receive a request from a player character, group of player characters, game environment, or one or more third parties to create a venture capital fund. b. Review organizational documents. c. Determine that organizational documents meet necessary criteria. d. Create new venture capital fund with the requestors as owners. [0511]
  • the request to form a virtual VC fund may be made and received using any suitable method within the virtual environment. For example, the request may be sent via email, instant message, or via an on-screen request system. The request may be processed automatically by the server, by a paid or voluntary player or staff member, or though a combination of the above.
  • Information regarding the formation of a virtual venture capital fund may be stored by any means desired, for example on Venture Capital Database 502 and may comprise information such as, for example: a. VC ID number b. Owner ID numbers 1-n c. Owner Percentages 1 -n d. Shareholder Percentages 1-n e. Manager 1-n f. Funding requirements 1-n g. Financial Backing Accounts 1-n
  • game server 488 may create a link between venture capital rands.
  • a link may be used to form a network of related or co- owned institutions, to form a financial network to facilitate the transfer of funds between institutions, to link real and virtual financial accounts, to exert control by a central institution, any other reason for linking venture capital funds, or a combination thereof.
  • a virtual venture capital fund may seek out or receive virtual investment opportunities.
  • the acquisition of virtual investment opportunities may be accomplished by any means applicable.
  • such virtual investment opportunities arc located using initiate VC investment program 506.
  • the virtual investments of a virtual VC fund including the type, quantity and amount, may be limited by their license, the rules of the game environment, the total virtual assets of a game environment, or any combination thereof.
  • a virtual VC fund may need to register an investment with a governing body who may determine whether such an investment falls within the virtual license the virtual VC fund has obtained.
  • a virtual venture capital fund may require a game environment seeking investment to present a business plan.
  • a plan may include information including, but not limited to, the market opportunity; products and services; the business model; the players or characters involved; the fmancials of the game environment including how much funding they are seeking; a positioning statement; operating expenses; revenues; earnings as well as any other financial information generally included in a business plan; prior sources of funding and uses of proceeds; exit strategy; dilution strategy including, but not limited to, current ownership interest, stock options, financings, convertible notes, warrants, common stock, and convertible preferred stock; assets; research on competitors; strategic alliances; milestones; market and customer research.
  • a valuation may be made of the game environment prior to investment by a virtual VC fund.
  • the valuation may be requested and/or made by the virtual VC fund, the game environment seeking funding, or both.
  • the value of game environments may be assessed by measuring any of a number of parameters including, but not limited to, the growth of the economy, the value of its natural resources, the amount of investment that is being made, the number of characters working or inhabiting the game environment, the amount of development that is taking place, the amount of land available for development, the amount of trade, the stability of the economy, taxes, cash flow, the assets of the inhabitants, the standard of living of the characters, the imports and exports into the economy, assets of the game environment, products sold by the game environment, services provided by the game environment, any other factor that is generally used to value an economy or any combination of the above.
  • the value of a game environment is calculated according to the following equation: consumption + investment + government spending + (exports — imports).
  • the value of a game environment is determined by the final value of the goods and services produced by the resident characters in a given time frame.
  • the value is determined by the market value of the goods and services produced by the resident characters minus the depreciation in a given time period.
  • the value may be calculated by: consumption + investment + government spending + (exports — imports) + net foreign factor income - indirect taxes — depreciation.
  • the value of the assets in a game environment may be assessed.
  • Assets may be valued according to their market value, on a multiple of the underlying natural resource that can be salvaged from the asset, by a professional estimator whether real or virtual, by an investment bank or any other applicable valuation method or combination thereof.
  • valuation may be determined by tax revenue or fees generated by the game environment.
  • cash flow from transactions in the game environment could be calculated.
  • earnings in the environment over a set period of time could be multiplied by a factor to arrive at a valuation.
  • valuation may be based on a listing of assets, liabilities and equity of the game environment. Tn a further embodiment, valuation could be determined by measuring cash distribution to owners using a discounted future dividend approach.
  • valuation could be determined using a discounted cash flow and discounted future net income approach.
  • valuation could be determined using a market approach by comparing the game environment to similar game environments.
  • Valuations may also rely on conversion rates, factors or tables which may convert all assets to a common unit.
  • Conversion rates may be determined by any means applicable. They may be fixed, on an automated trading system, or as determined by an exchange on the open market or any combination thereof. For example, conversion rates may be based on a comparison of the economies of two game environments, a comparison of a representative basket of goods, the number of player characters in each environment, the amount of a particular virtual asset available in a particular game environment, the amount of production of a virtual asset in the game environments or on any other number of market forces or comparable factors. For example, a gallon of oil may be converted to two gallons of oil when traded from War Craft® to Second Life®.
  • a barrel of oil may be converted into 1000 thistle seeds within a game environment, and/or a barrel of oil may be converted to 5000 thistle seeds when exchanged between two games. 5000 thistle seeds may be worth 3 shares of stock in a particular game environment.
  • a game attribute coming from a first environment may be converted into a game attribute in a second environment by multiplying the value of the game attribute in the first environment by a conversion multiplier that reflects the difference in the labor (and/or other factors) required to build, the game attribute in the first environment vs. the second environment. For example, 1000 thistle seeds in one game environment may be worth 700 thistle seeds in another game environment.
  • the multiplier may take into account any differences in supply, availability, ease or cost of acquisition, or the like, of the resources and/or the prevailing exchange rates of real or virtual currency.
  • Some game environments may be configured to produce items more optimally. These game environments may receive a premium valuation in that their labor is more efficient in that game environment than on other game servers. Alternatively, environments that produce such items more optimally may be penalized or a tariff may be imposed to create a more fair exchange between or among such game environments.
  • some or all of the following steps may be used to convert assets between game environments: a. Generate a conversion value for two or more game environments based on activity and conditions in the game environments. b. Create a conversion multiplier based on the relationship of the values between two or more game environments. c. Store multiplier.
  • Analysis of investment opportunities and the information provided by game environments seeking funding may be processed by any means applicable.
  • initiate VC investment program 506 may be used to review applications for funding.
  • Such a process may use some or all of the following steps: a. Receive a request to fund a virtual project from one or more player characters including a virtual project plan, virtual blueprint, a virtual cash budget, and amount of virtual cash necessary to complete the project. b. Determine a project value based on the project request and the credit scores of the player characters. c. Determine an ownership investment structure based on the value, and the credit scores of the player characters. d. Output an investment offer, including an ownership percentage, a required dividend schedule, an investment payment schedule and other terms and conditions to the player characters. e.
  • a virtual venture capital firm decides to make a virtual investment, it may or may not prepare a term sheet or letter of intent. In one embodiment, a game environment may be required to present a term sheet or letter of intent to the virtual venture capital fund.
  • Such term sheets may provide information related to funding including, but not limited to, valuation, the amount and staging of the investment, the type of securities issued, protection from dilution, and the ability/right to seek alternative funding; corporate governance including, but not limited to, decision making powers, the composition of the board of directors or other governing entity, voting rights, revisions to the by-laws or other governing documents and information rights; and liquidation, including, but not limited to how the venture capital fund will get their money out of the business, the exit strategy, redemption rights, registration rights, and participation rights.
  • Term sheets may be generated by any means applicable. In one embodiment, such term sheets are generated by manage VC investment program 496.
  • Final versions may be stored in VC agreements database 514 which may additionally include information such as agreement ID; agreement Parties 1-n; party type; and agreement terms and conditions.
  • Each investment made by a virtual venture capital fund may be registered using register VC investment program 494.
  • term sheets are binding in that every activity of the funded entity must comply with the requirements listed in the term sheet or it will be blocked.
  • register VC investment program 494 may use some or all of the following steps. a. Receive a term sheet from a VC to fund an investment. b. Determine if the investment qualifies based on VC licenses and investment type. c. Approve investment and register investment. [0524] In another embodiment, the term sheet may require review before registration may be approved. Initiate VC Investment program 506 may be configured to use some or all of the following steps: a. Receive a request to fund a virtual project from one or more player characters b. Determine an ownership investment structure for the project c.
  • Output investment structure to player characters d. Receive acceptance of structure e. Transmit virtual project and ownership investment structure to Game Server f. If structure is accepted, i. receive registration number ii. notify player character's the project was accepted iii. transmit virtual money for project to project account iv. transmit virtual cash fee to game server to register complete project registration g. if structure is not accepted i. receive notice of why structure was not accepted, including changes required to make it acceptable from the game server ii. revise structure according to change requests iii. transmit revised structure to player characters iv. Receive acceptance of revised structure v. Transmit revised structure to game server for approval vi. receive registration number. vii. notify player character's the project was accepted, viii. transmit virtual money for project to project account, ix. transmit virtual cash fee to game server to register complete project registration.
  • the term sheet may also include the type of security that is being provided to the venture capital fund in exchange for the investment.
  • security may be debt or equity.
  • such a security may be convertible preferred stock.
  • dividends may also be paid. Such dividends may begin accruing immediately once funding starts. They may accrue on the entire investment, or just the stage of investment reached at that point. Dividends may also be converted into stock if the company is sold or has a public offering.
  • An agreement with a virtual venture capital fund may also include an anti-dilution provision.
  • the percentage ownership will always remain the same as when the initial investment was made.
  • the formula adjustment may be "full ratchet” in which if the company issues even one share of stock at a price below the price paid by the investors, then the conversion price drops fully to that price.
  • the formula adjustment may be a "weighted average ratchet" in which the conversion price is adjusted to the average price received by the company for stock issuances. This average may or may not take into account the amount of money raised at different prices.
  • a virtual venture capital fund may also seek control over game environment governance issues. For example, they may seek control over such things including, but not limited to, the calling of elections, the selection and removal of the CEO, or otheroxy head of the game environment, compensation of the managers of the game environment, board membership, or other executive membership, political appointments, voting rights, raising the debt ceiling, selling assets above a given threshold, issuing additional stock, changing the rights and structure of the classes of stock, stock options, acquisitions, sales and mergers.
  • the venture capital fund may seek such things as redemption rights, registration rights, drag-along rights, tag-along rights, and participation rights. Tn one embodiment, the venture capital fund may acquire the right to sell the game environment or take it public. In another embodiment, the venture capital fund may require the game environment to purchase the virtual venture company's stock after a certain period of time, or upon the occurrence or nonoccurrence of certain milestones.
  • investment by a venture capital fund may take place in a single lump sum or in stages. In one embodiment, each stage of investment may be contingent on the meeting of certain conditions or milestones. In another environment, a venture capital fund may require that additional funds or other income sources be brought in at certain stages.
  • an account may be created with a financial entity, or with the VC fund that contains the funding.
  • Virtual invoices may be submitted, reviewed and verified before payments are released.
  • Such funds may be used to make qualified purchases as outlined above, or to hire virtual architects, craftsmen, designers, or characters with other skill sets important in the development of the project for which funding was sought.
  • funds could be released using some or all of the following steps: a. Receive a request to pay a virtual invoice. b. Determine if the invoice is from a qualified virtual entity. c. Determine if virtual build contract has budget allocated for the invoiced product or service. d. Release funds to pay the invoice if the invoice is qualified for payment.
  • determinations could be made regarding how the virtual invoice fills the allocations in the budget for particular tasks or types of assets. For example, payment of the virtual invoice could be made using some or all of the following steps: a. Receive a request to pay a virtual invoice. b. Determine virtual cash budgeted for invoiced item or service. c. If virtual cash budgeted is less than invoice by x%, flag account. d. Transmit warning to VC fund and/ or funded entity administrator that invoice is out of budget.
  • the funding from the VC may be issued as a virtual debit card.
  • the use of the card may be limited to purchases that are specified in the term sheet or other agreements between the VC fund and the borrowing entity.
  • Player characters and game environments can give these debit cards to other player characters or game environments who can use the outstanding or remaining balance on them for virtual purchases specified when the debit card was created.
  • Debit cards can be given to a first player character when a second player character relies on the first player character to purchase something for him, but cannot trust the player character with virtual cash that has unrestricted purchase parameters.
  • Debit cards can be used to create in game payment vehicles that can only be used to purchase certain virtual assets and/or services.
  • Debit cards can also be created that have access to specified amounts of funds. Such amounts may be a percentage of the cash available in the funding round or may be a fixed amount or a combination thereof such that there is a minimum or maximum percentage of available assets that can be used or minimum fixed amount and a percentage that is available.
  • Information regarding the virtual debit card may be stored by any means applicable. In one example, such information is stored on game server 488. In another embodiment such information is stored on bank server 504.
  • a Debit Card Database may comprise information such as: a. VC lD b. Debit Card ID c. Debit Card Amount by category 1-n d. Debit Card Issue Date c. Debit Card Conditions 1-n
  • information regarding the virtual debit card may be stored on game server 488 through a Debit Card Issuance program which may be configured to: a. Receive an indication that a debit card was issued from a VC fund including player character info, VC info, debit card amount and conditions b. Create and store debit card record
  • percentages of the virtual debit card value can be allocated to different virtual asset classes. For instance, 50% of the value could be used to buy specific raw materials and 40% could be used to purchase services from specific NPCs and player characters to turn those raw materials into a specific product. The remaining 10% of the value could be used for anything, but, for example, only when the other 90% has been spent to create the specific product and that product has been deposited into the virtual debit card issuer's account.
  • the specific virtual asset classes or services may be outlined in the term sheets or determined by a) the VC fund, b) the game manufacturer, c) the owner(s) of the server(s) upon which the game resides, d) one or more player characters or e) any combination thereof.
  • a Debit Card Issuance program may be configured to follow one or all of the following steps: a. Receive a request to create a debit card including a virtual cash amount, a specified receiver of the card, and conditions (if any) for spending the virtual cash from one or more player characters. b. Create debit card including usage conditions (if any). c. Transfer cash from player characters) accounts) to debit card.

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  • Engineering & Computer Science (AREA)
  • Multimedia (AREA)
  • Business, Economics & Management (AREA)
  • Computer Security & Cryptography (AREA)
  • General Business, Economics & Management (AREA)
  • Two-Way Televisions, Distribution Of Moving Picture Or The Like (AREA)
  • Management, Administration, Business Operations System, And Electronic Commerce (AREA)

Abstract

Système et procédé permettant à des participants à un jeu vidéo de conclure des contrats d'obligation entre eux. Dans quelques uns de ces contrats, un premier joueur peut accepter, de manière explicite ou implicite, de conférer un avantage de jeu initial à un deuxième joueur en retour d'une compensation différée. Cette dernière peut être basée sur les performances de ce deuxième joueur au jeu.
PCT/US2007/062119 2006-02-14 2007-02-14 Environnement virtuel comportant des contrats d'obligation entre joueurs WO2007095567A2 (fr)

Applications Claiming Priority (28)

Application Number Priority Date Filing Date Title
US11/355,232 US20070191103A1 (en) 2006-02-14 2006-02-14 Online game environment that facilitates binding contracts between player characters
US11/355,232 2006-02-14
US11/428,263 US20080004116A1 (en) 2006-06-30 2006-06-30 Video Game Environment
US11/428,263 2006-06-30
US11/559,158 2006-11-13
US11/559,158 US20070087822A1 (en) 2005-10-14 2006-11-13 Financing Options in a Virtual Environment
US11/560,456 2006-11-16
US11/560,456 US20070111770A1 (en) 2005-10-14 2006-11-16 Financing Options in a Virtual Environment
US11/567,122 2006-12-05
US11/567,122 US7780532B2 (en) 2005-10-14 2006-12-05 Ownership of game environments in a virtual world
US11/611,050 US20070191104A1 (en) 2006-02-14 2006-12-14 Online Game Environment that Facilitates Sponsorship Contracts
US11/611,050 2006-12-14
US11/620,542 US7686691B2 (en) 2005-10-14 2007-01-05 Satisfaction of financial obligations in a virtual environment via virtual and real world currency
US11/620,542 2007-01-05
US11/620,563 2007-01-05
US11/620,563 US20080046222A1 (en) 2006-06-30 2007-01-05 Copyright of Digital Works in a Virtual Environment
US11/624,659 US7677975B2 (en) 2005-10-14 2007-01-18 Video game with registration of funding sources
US11/624,659 2007-01-18
US11/624,662 2007-01-18
US11/624,662 US7666095B2 (en) 2005-10-14 2007-01-18 Securing contracts in a virtual world
US11/625,225 2007-01-19
US11/625,229 2007-01-19
US11/625,225 US20070117601A1 (en) 2005-10-14 2007-01-19 Video Game with Venture Capital Funding Management
US11/625,229 US7651395B2 (en) 2005-10-14 2007-01-19 Video game with venture capital funding voting
US11/670,304 2007-02-01
US11/670,304 US20070129126A1 (en) 2005-10-14 2007-02-01 Method and System for Allocating Resources in a Video Game
US11/671,373 2007-02-05
US11/671,373 US7677979B2 (en) 2005-10-14 2007-02-05 Method and system for allocating resources in a video game

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