Virtual goodies, real greenies

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The weakness or strength of "Play Money" is in its early pages. If you're a literate reader interested in the philosophical underpinnings of virtual market economies and the history of play, then this book is a well-written page turner that backs up the drama of Dibbell's quest with historical fact and erudite critical theory. Casual readers, however, may be turned off by the weightiness.

That would be a shame, because Dibbell's journey is fascinating. Early on, he often felt like he was well on his way to Ferraris, mansions and the jet-set life--of the real world. Recounting how he had come into two houses on very desirable virtual land just days into his new venture, he speaks of getting ready to bank a quick profit by selling one of them.

"A thousand dollars' profit at least," he gushes. "And just two days into my new career! If things kept up at this rate, I'd be banking six figures before a year was up."

Over the subsequent pages, Dibbell spells out the highs and lows of being a mid- to low-level player in the multimillion-dollar "Ultima Online" economy. All the while, however, he seems to stay grounded, admitting that he will likely never be playing in the same ballpark as some of the real stars of this elusive market. While they are flipping goods at triple-digit profit margins, Dibbell laments being in the much more pedestrian 15 percent to 20 percent range.

That's even more true, he writes, when he discovers that Internet Gaming Entertainment, a large operation that employs dozens of workers around the world to "farm" virtual goods for later sale at far higher prices, would be bringing its juggernaut to his virtual world.

"'I haven't even had a chance to get my little five-and-dime up and running,'" Dibbell quotes from a November 2003 "Play Money" blog entry, "'and already the Wal-Mart is coming to town.'"

That's the true tension of the "Play Money" challenge: Dibbell is on the edge of success. He steels himself for the grind that the "job" requires. But he writes about losing touch with "Ultima Online" as a game, replacing interaction with other members of the virtual community with a strict focus on price structures, profits and losses.

In the end, that means being more a businessman and less a player.