There are people who make money by selling things that don’t exist—even when the buyer knows the thing doesn’t exist. Out of curiosity about how this works, I picked up Julian Dibbell’s Play Money, which is a personal account of his experiences working the Ultima Online gold farming scene back in 2004. I use the term grey market throughout this post because selling in game goods is not exactly illegal, just a violation of the EULA with a company. You risk getting banned and losing your accounts, which can be expensive but not dangerous in the traditional sense. In economic terms, each MMO is probably best viewed as its own independent economy. No two are precisely alike in terms of how you get rich off them. Yet there are still a couple of basic principles that are universal, and I’ve tried to extract those from the book for this post.