Magic armour and virtual hats will soon join Siemens, Volkswagen and other bluechips in trading on the German stock market. Deutsche Boerse on Thursday announced plans for an innovative market in video game items - weapons, artefacts and other performance-boosting add-ons in online gaming. The Frankfurt-based market operator has joined forces with Naga, a Hamburg financial startup, to create a market where players can buy and sell objects from their games for real-life cash.
Their joint venture, Switex, will be "the first standardised and independent market for trading virtual game items," the two firms said in a statement. Naga says it will provide technological expertise while Deutsche Boerse brings market operational experience to the table. They estimated the market is worth up to $46 billion (43 billion euros) per year.
For years there has been a bustling unofficial market in gaming items, which players can earn by defeating enemies and completing quests or by crafting virtual raw materials found in game worlds. Players use eBay or other online marketplaces to buy and sell weapons and equipment that boast special advantages or sought-after aesthetics, in-game currency, or whole player characters that have been advanced to a high level.