Patent Publication Number: US-2007111770-A1

Title: Financing Options in a Virtual Environment

Description:
Priority Claim  
      The following application is a continuation-in part of U.S. patent application Ser. No. 11/380,489 and a continuation-in-part of U.S. patent application Ser. Nos. 11/279,991, filed Apr. 17, 2006 and 11/355,232, filed Feb. 14, 2006, which both claim priority to U.S. Provisional Application Ser. No. 60/727,121 “Methods, Processes, and System to Enhance a Player Experience of a Video Game” filed Oct. 14, 2005. Each of which is hereby incorporated by reference in their entirety for all purposes. 
    
    
     BACKGROUND  
      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.  
      It would be advantageous to provide improved methods and apparatus for increasing the enjoyment and/or longevity of video games including, but not necessarily limited to MMOGs and MMORPGs.  
    
    
     BRIEF DESCRIPTION OF THE DRAWINGS  
       FIG. 1  is a block diagram depicting a network according to an embodiment of the present disclosure.  
       FIG. 2  is a block diagram depicting a system  100  according to one of the embodiments of the invention.  
       FIG. 3  illustrates a method of opening an exchange according to one embodiment of the invention.  
       FIG. 4  illustrates a method of creating an account with a seat holder on an exchange according to one embodiment of the invention.  
       FIG. 5  illustrates a method of selling an item on an exchange according to an embodiment of the invention. 
    
    
     DETAILED DESCRIPTION  
      Definitions:  
      Unless stated to the contrary, for the purposes of the present disclosure, the following terms shall have the following definitions:  
      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. For the purposes of the present disclosure, the term “Credit card” is intended in a very broad sense and is not limited to those situations in which a player&#39;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.  
      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&#39;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 Ser. 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 Warcraft, 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&#39;s payment history including days to pay, amounts overdue or delinquent, and/or the player character&#39;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 the game server. This obligation can be a one time payment, or may require multiple payments over time. The obligation may specify when payments and/or interest are due.  
      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.  
      Virtual Financial Obligation Value—the in game value of the obligation. For virtual cash the value may be stated as a virtual and/or real cash amount. For other game attributes, 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:  
      1. A character score  
      2. A virtual object  
      3. The physical appearance of a character  
      4. An emblem or mark  
      5. A synthetic voice  
      6. Virtual currency  
      7. Virtual help points or credits  
      8. The ability to join groups of other players at a later time  
      9. A score for subsequent matching of later game parameters  
      10. A relationship with another character  
      11. A genetic profile or makeup  
      12. A skill or skill level  
      13. A ranking  
      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.  
      Computer Generated (CGC) or Non-Player (NPC) 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&#39;s performance can be measured. Game Parameters shall include, but not be limited to: 
          1. Completing all or part of a mission     2. Playing for a certain period of time     3. Winning a match against another player character or computer generated character     4. Reaching a certain level or score     5. using or obtaining an ability or technology     6. kill/death ratios     7. obtaining, creating or modifying an object     8. solving a puzzle     9. accuracy with weapons     10. effective use of the proper weapon     11. killing a certain character/creature     12. getting through or to a certain geographic area     13. decreasing or increasing Karma Points     14. getting, buying, exchanging or learning a new skill or player attribute     15. having a child     16. getting married     17. obtaining, buying, trading, producing or developing raw materials     18. producing goods or services     19. earning income     20. earning a higher rank in an army     21. winning an election among two or more player characters     22. achieving deity or other status     23. improving player character status or caste     24. assisting other player characters with any of the above     25. speed of accomplishing or changing the rate or trends of any or all of the above.        

      In-game Marketplace—shall mean a virtual environment where 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&#39;s behalf.  
      Player Account—shall mean an account on the Video Game Central Server or within a peer-to-peer network that contains a 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: 
          1. Real Currency.     2. Discount of monthly fees for playing game.     3. Monthly fee for playing a game.     4. Interest rates for use of or borrowing real or virtual cash amounts.     5. Global character attribute settings for all characters created by player across multiple games.     6. Rewards for encouraging another player to signup to play.        

      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”—includes the concepts of a virtual world, a region within a virtual world, and/or a sub-region with a virtual world. Accordingly, the term “game environment” may refer to an entire virtual community or a sub-set thereof. The term “game environment” may also be used to refer to an instance of a virtual world that is controlled by one or more servers working together.  
      “Regional Game Environment”—a region or sub-region with a virtual world or community such as a particular level or area within the virtual world/community. Accordingly, a regional game environment may have rules, regulations, currency/(ies), government(s), assets, etc., that are the same or different from other regional game environments in the same or different game environments.  
      The term “variation” of an invention means an embodiment of the invention, unless expressly specified otherwise.  
      A reference to “another embodiment” in describing an embodiment does not imply that the referenced embodiment is mutually exclusive with another embodiment (e.g., an embodiment described before the referenced embodiment), unless expressly specified otherwise.  
      The terms “including”, “comprising” and variations thereof mean “including but not limited to”, unless expressly specified otherwise.  
      The term “consisting of” and variations thereof mean “including and limited to”, unless expressly specified otherwise.  
      The terms “a”, “an” and “the” mean “one or more”, unless expressly specified otherwise.  
      The term “plurality” means “two or more”, unless expressly specified otherwise.  
      The term “herein” means “in this patent application, including anything which may be incorporated by reference”, unless expressly specified otherwise.  
      The phrase “at least one of”, when such phrase modifies a plurality of things (such as an enumerated list of things) means any combination of one or more of those things, unless expressly specified otherwise. For example, 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.  
      The phrase “based on” does not mean “based only on”, unless expressly specified otherwise. In other words, the phrase “based on” describes both “based only on” and “based at least on”.  
      The term “represent” and like terms are not exclusive, unless expressly specified otherwise. For example, the term “represents” does not mean “represents only”, unless expressly specified otherwise. In other words, the phrase “the data represents a credit card number” describes both “the data represents only a credit card number” and “the data represents a credit card number and the data also represents something else”.  
      The term “whereby” is used herein only to precede a clause or other set of words that express only the intended result, objective or consequence of something that is previously and explicitly recited. Thus, when the term “whereby” is used in a claim, the clause or other words that the term “whereby” modifies do not establish specific further limitations of the claim or otherwise restricts the meaning or scope of the claim.  
      The term “e.g.” and like terms means “for example”, and thus does not limit the term or phrase it explains. For example, in the sentence “the computer sends data (e.g., instructions, a data structure) over the Internet”, the term “e.g.” explains that “instructions” are an example of “data” that the computer may send over the Internet, and also explains that “a data structure” is an example of “data” that the computer may send over the Internet. However, both “instructions” and “a data structure” are merely examples of “data”, and other things besides “instructions” and “a data structure” can be “data”.  
      The term “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. Also, “determining” can include receiving (e.g., receiving information), accessing (e.g., accessing data in a memory) and the like. Also, “determining” can include resolving, selecting, choosing, establishing, and the like. It 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.  
      It will be readily apparent to one of ordinary skill in the art that the various processes described herein may be implemented by, e.g., appropriately programmed general purpose computers and computing devices. Typically a processor (e.g., one or more microprocessors, one or more microcontrollers, one or more digital signal processors) 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. Thus a description of a process is likewise a description of an apparatus for performing the process. The apparatus can include, e.g., a processor and those input devices and output devices that are appropriate to perform the method. Further, programs that implement such methods (as well as other types of data) may be stored and transmitted using a variety of media (e.g., computer readable media) in a number of manners. In some embodiments, 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. Thus, various combinations of hardware and software may be used instead of software only.  
      The term “computer-readable medium” refers to any medium that participates in providing data (e.g., instructions, data structures) which may be read by a computer, a processor or a like device. Such a medium may take many forms, including but not limited to, non-volatile media, volatile media, and transmission media. Non-volatile 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. Common forms of 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.  
      Various forms of computer readable media may be involved in carrying data (e.g. sequences of instructions) to a processor. For example, 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, Bluetooth™, and TCP/IP, TDMA, CDMA, and 3G; and/or (iv) encrypted to ensure privacy or prevent fraud in any of a variety of ways well known in the art.  
      Thus 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.  
      Just as the description of various steps in a process does not indicate that all the described steps are required, embodiments of an apparatus include a computer/computing device operable to perform some (but not necessarily all) of the described process.  
      Likewise, just as the description of various steps in a process does not indicate that all the described steps are required, embodiments of 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.  
      Where databases are described, it will be understood by one of ordinary skill in the art that (i) alternative database structures to those described may be readily employed, and (ii) other memory structures besides databases may be readily employed. Any illustrations or descriptions of any sample databases presented herein are illustrative arrangements for stored representations of information. Any number of other arrangements may be employed besides those suggested by, e.g., tables illustrated in drawings or elsewhere. Similarly, any illustrated entries of the databases represent exemplary information only; one of ordinary skill in the art will understand that the number and content of the entries can be different from those described herein. Further, despite any depiction of the databases as tables, other formats (including relational databases, object-based models and/or distributed databases) are well known and could be used to store and manipulate the data types described herein. Likewise, object methods or behaviors of a database can be used to implement various processes, such as the described herein. In addition, the databases may, in a known manner, be stored locally or remotely from any device(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, 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 Intel® Pentium® or Centrino™ processor, that are adapted to communicate with the computer. Any number and type of devices may be in communication with the computer.  
      In an embodiment, a server computer or centralized authority may not be necessary or desirable. For example, the present invention may, in an embodiment, be practiced on one or more devices without a central authority. In such an embodiment, 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.  
      Description  
      Massive multi player online games (MMOGs) or massive multi-player role playing games (MMORPGs) are computer game which are capable of supporting hundreds, thousands, or millions of players simultaneously. Typically, this type of game is played in a giant persistent world where the game continues playing regardless of whether or not real players are logged in. Players commonly access these games through a network such as the Internet, and may or may not be required to purchase additional software or hardware in order to play the game. Such networks allow for people all over the world to participate and interact with each other in a virtual environment. The present disclosure provides systems and methods which contribute to the evolution and longevity of such a game.  
      The herein described aspects and drawings illustrate components contained within, or connected with other components that permit play in the virtual environment. It is to be understood that such depicted designs are merely exemplary and that many other designs may be implemented to achieve the same functionality. Any arrangement of components to achieve the same functionality is effectively associated such that the desired functionality is achieved.  FIG. 1  provides an exemplary network which may be used to support a virtual environment such as those herein described.  
      Referring to  FIG. 1 , a network  10  according to one embodiment includes a central server  20  in communication with a plurality of video game playing units  18 . Those of ordinary skill in the art will appreciate that any number of video game playing units may be in communication with the central server. Typically, the number of video game playing units changes at various times as players join games and as players stop playing games. Similarly, more than one server may operate to coordinate the activities of the video game playing units, as is well known in the art. In one embodiment, such servers may include multiple games or multiple virtual environments which may or may not be constructed to interact with each other.  
      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&#39;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).  
      Some or all of video game  17  can be stored on central server  20 . Alternatively, some or all of video game  17  may be stored on the individual video game devices  18 . There may be multiple games on one server, or multiple games on multiple servers connected to individual video game devices  18 . Typically, 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  19   a  accessing video game  17  via game device  18   a  may be able to play with a player  19   b  accessing video game  17  via game device  18   b . As shown, it may be possible for multiple players (e.g.  19   c ,  19   d ) to access central server  20  via the same game device (e.g.  18   c ).  
      Regardless of whether video game  17  is stored on central server  20  or video game devices  18 , server  20  is typically configured to facilitate play of the game between multiple game players.  
      Those having skill in the art will recognize that there is little distinction between hardware and software implementations. The use of hardware or software is generally a choice of convenience or design based on the relative importance of speed, accuracy, flexibility and predictability. There are therefore various vehicles by which processes and/or systems described herein can be effected (e.g., hardware, software, and/or firmware) and that the preferred vehicle will vary with the context in which the technologies are deployed.  
      At least a portion of the devices and/or processes described herein can be integrated into a data processing system with a reasonable amount of experimentation. Those having skill in the art will recognize that 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.  
      While virtual environments as previously described allow for interactions between players, the amount and depth of interaction may be limited by the parameters of the game. For example, most virtual environments generally lack sophisticated financial systems and limit transactions to direct transfers between two characters or a character and a business. Additionally, most virtual financial systems limit players to a single virtual environment. This limits the scope of transactions available and inhibits growth and development of both the virtual economy and the virtual environment, decreasing the depth and enjoyment of play available.  
      Various embodiments of the invention address this issue by providing mediums for engaging in more complicated transactions and allowing for 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. In one embodiment, the location of the exchange may change periodically based on predetermined criteria. For example, 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. In another embodiment, 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. In one embodiment, 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. Issuers 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. In another embodiment, an exchange may trade both primary and secondary assets.  
      Exchanges may function by any means useful in exchanging assets. In one embodiment, 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. In another embodiment, 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 Italiana), Australian Stock Exchange, Bombay Stock Exchange, Shanghai Stock Exchange, Johannesburg 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. In 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. In one embodiment, 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. For example, real currency or virtual currency could be used to purchase real or virtual items listed on an exchange. In one embodiment, a player could list a real computer they are willing to trade for virtual assets such as, for example, 100 planks of virtual wood. In another embodiment, 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. In yet another embodiment, an exchange may sell virtual game attributes. Additionally, an exchange may limit transactions to the assets of a particular world, game or environment.  
      In a further embodiment, 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.  
      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. In 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. In one embodiment, the exchange is organized as a mutual organization owned by members. In another embodiment, the exchange is a corporation.  
      In one embodiment, 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. Such 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.  
      According to some embodiments, 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. In some embodiments, if an exchange closes or becomes inoperable, 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.  
      According to one embodiment, game server  35  may be configured to create a virtual exchange using some or all of the following method steps: 
          1. Receive a request from a player character, group of player characters, or one or more third parties to create an exchange.     2. Determine if there is an available permit for the exchange based on the game environment and the player characters.     3. If there is an available permit determine and output a permit fee.     4. Receive an acceptance and payment for the permit fee.     5. Create new exchange in the business format specified by the player character requesters.        

      In another embodiment, such as in the method depicted in  FIG. 3 , a certain minimum number of players decide to form Exchange. The game server  35  verifies that the requisite number of players would like to form an exchange. If the minimum number of members are not available, 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. For example, 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. In an alternative embodiment, 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.  
      Once the minimum number of members has agreed to form an exchange, they may determine the type of assets to be traded, the structure of the exchange, the number of seats on the exchange, and draw up a charter. They may also apply for an exchange permit.  
      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  40  and may comprise information such as, for example:  
      1. Exchange ID  
      2. Exchange Type  
      3. Exchange seats  1 - n    
      4. Allowable assets  1 - n    
      5. Exchange seat price  
      6. Maximum exchange seats allowed  
      7. Exchange seats issued  
      8. Remaining exchange seats available  
      9. Exchange seat qualifying conditions  1 - n    
      The request 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.  
      In another embodiment, 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. In one embodiment, a character may buy a game environment and configure rules for other player characters to play in that game environment. In another embodiment, 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. Thus, game environments with healthier economies can trade for more value than game environments with weaker economies. Alternatively, a game environment may issue and offer shares in the game environment.  
      Game environments may be registered on an exchange using any means applicable. In one embodiment, game environments may be registered using some or all of the following method steps:  
      1. Receive a request to register a game environment on the exchange.  
      2. Determine if game environment qualifies to be registered on the exchange.  
      3. Register the game environment on the exchange.  
      Once an exchange is in existence, transactions may take place on the exchange. In one embodiment, anyone can buy or sell on an exchange. In another embodiment, it may be necessary to have a seat on an exchange or an account with someone who has a seat on the exchange in order to buy or sell on the exchange.  
      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. In one embodiment, 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. In another embodiment, 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. In a further embodiment 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.  
      1. Receive a request to purchase an exchange seat.  
      2. Generate an exchange seat value.  
      3. Output an exchange seat value.  
      4. Receive acceptance of exchange seat value from player.  
      5. Receive payment from purchaser.  
      6. Issue exchange seat to purchaser.  
      In yet another embodiment, seats on an exchange may be traded on the Exchange. In a further embodiment, exchange seats could be auctioned. In another embodiment, 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.  
      Anyone may be allowed to own an exchange seat, or characters may be required to meet certain criteria before they are allowed to own seats on exchanges. In another embodiment, anyone may own a seat on an exchange, but certain qualifications must be met in order to trade using the seat. In a further embodiment, players and/or characters may only be able to hold seats on one exchange at a time, or on one exchange per virtual environment or game environment at a time.  
      Information regarding owners of seats may be stored by any means applicable. In one embodiment, such information may be stored in player character database  80  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  70  and may include information such as, but not limited to, player ID, 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. In one embodiment, 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. For example, in order to act as a broker, it may be necessary to have acquired particular skills, reached a particular level, be of a particular type of character, have a certain virtual or real world net worth, have transacted a certain number of times, have transacted a particular virtual cash volume on an exchange through a third party, have adequate real or virtual credit available to them, or have any other qualifying criteria as determined by the exchange or game server, or any combination thereof.  
      Characters who wish to trade on an exchange that requires membership but who do not own a seat may apply for an account with a seat holder or broker. Such an account may be opened using some or all of the following method steps:  
      1. Receive a request from a character to create an account.  
      2. Determine account fee structure.  
      3. Output fee structure to player character.  
      4. Receive acceptance of fee structure.  
      5. Create account.  
      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. For example, 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 requester; 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. In one embodiment, the broker may verify the character&#39;s virtual credit score. In another embodiment, the broker may verify the player&#39;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  FIG. 4 .  
      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.  
      Whether the account is with an exchange or with a broker, there may be different types of accounts and different transactions that can occur using different types of accounts. For example, some 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. In one embodiment, accounts may have limits on the types of transactions that can occur. For example, some exchanges may not permit trading in futures and options. Other exchanges may not permit margin trading or margin accounts. In yet another embodiment, some exchanges may permit the trading of real world goods and services for virtual goods and services. In a further embodiment, 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.  
      In 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. If the value of the assets drops sufficiently, 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. If 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. In one embodiment, 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.  
      In a discretionary account, a broker may make trades without notifying the character who owns the account. For example, 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. Alternatively, 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. In another embodiment, 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. In one embodiment, the exchange rate received by a player or character may depend on the rating such as the credit rating of the player or character.  
      With each type of account, there are multiple types of transactions that can take place on the exchange. For example, 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. For example, 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&#39;s price and a “sell stop” order below the buy order&#39;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. In a “Box Top” order, 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. In another embodiment, 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. In a further embodiment, a “Good Till Cancelled” order may be placed. A “Good Till Cancelled” order remains active until cancelled. In some embodiments, there may be limits on the length of time an order can stay open. 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. In one embodiment, a contingency order may depend on the potential purchaser&#39;s ability to sell a different security in his or her portfolio to free the funds to make the purchase. In another embodiment, an options contingency order&#39;s execution may depend on the price of the options&#39; underlying asset.  
      In another embodiment, 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. If 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. Alternatively, 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.  
      In another embodiment, a “stop loss” order may be placed. With 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. With 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.  
      In a further embodiment, 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. In 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.  
      In another embodiment, 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.  
      Swaps are over the counter derivatives which may be highly customized. 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. In one embodiment, the swap may be an interest rate swap. In another embodiment, the swap may be a total return swap. In yet another embodiment, 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. For example, 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 Israeli 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. 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) pays a fixed amount or nothing at all, depending on the price of the underlying instrument at maturity. 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. For example, 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 are 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.  
      According to one embodiment, once an account is opened, whether through a broker or with the exchange itself, characters may place buy and sell orders. 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:  
      1. Offer ID  
      2. Offer type  
      3. Offer posting date  
      4. Offer expiration date  
      5. Offer Item  
      6. Offer Quantity  
      7. Offer Price.  
      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  90  and include information such as the character ID, offer ID, 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. For example, 1000 units of wood in one game environment may be worth 700 units of wood in another game environment. 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. In another embodiment, exchanges may require that all offers be placed using a particular currency, requiring offers to be converted to that currency before they are listed. In a further embodiment, 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.  
      In order to be listed, 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. In one embodiment, an item for sale may be analyzed using some or all of the method steps in  FIG. 5 . Items on Exchanges may additionally be sold using some or all of the following method steps.  
      1. Submit order to sell a virtual asset.  
      2. Determine if asset is authentic.  
      3. Determine if the asset can be sold on the exchange.  
      4. List asset on exchange.  
      Once an item is listed, offers may be received regarding purchasing the item. The transaction may then include some or all of the following additional method steps.  
      1. Receive purchase request.  
      2. Determine fees.  
      3. Receive fees.  
      4. Transmit item to buyer.  
      5. Transmit payment to seller.  
      In one embodiment, 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:  
      1. Receive a request to purchase an item.  
      2. Fill request to purchase an item.  
      3. Receive funds for purchasing an item.  
      If enough funds are not available in an account to purchase an item, the item may be purchased on margin if the account is authorized for margin transactions. Alternatively, 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. In one embodiment, if there are insufficient funds in the account, the transaction may be completed using some or all of the following steps:  
      1. Retrieve secondary account associated with character.  
      2. Determine a real cash value for the virtual purchase.  
      3. Charge real cash value to secondary account.  
      4. Convert real cash to virtual cash and deposit in purchase account.  
      5. Withdraw virtual cash from purchase account.  
      A record of each transaction may be stored by any means applicable. In one embodiment, each transaction could be stored in an Exchange Transaction Database, for example in Exchange Transaction Database  60 . Such a database could store information such as.  
      1. Order ID  
      2. Order Buyer  
      3. Order Seller  
      4. Order Date  
      5. Order Price  
      6. Order Type  
      7. Order terms and conditions  
      In another embodiment, such transactions could be associated with the character in Exchange Transaction Database  100 . Such 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. For example, 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 are established for controlling exchanges and currency fluctuations.  
      In some embodiments, there may be guarantees to ensure the transactions go through and to maintain the validity of the exchange. In one embodiment, exchanges are the only place in the game environment where delivery is guaranteed. In another embodiment, if a seller cannot fill an order or a buyer cannot pay for an order, 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. In yet another embodiment, 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. In 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 effect 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. Additionally, 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. If a character cannot fill or pay for the order, they 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.  
      In another embodiment, 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. In one embodiment, 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. In another embodiment, each asset in a character&#39;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: 
          1. Receive a virtual asset to post on exchange.     2. Input identifier of asset.     3. Determine if identifier is valid     4. Determine if asset with that identifier has previously sold on any other exchange.     5. Determine ownership.     6. If identifier and ownership match and are valid, post item on exchange.        

      Items may additionally have expiration dates. For example, futures may expire. In transactions of assets that have an expiration, 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,  
      1. Receive a request to sell a futures contract from a first player character.  
      2. Determine if date of contract has expired.  
      3. If date of contract has not expired, retrieve or generate a contract price.  
      4. Output contract price to first player character.  
      5. Receive acceptance of contract price from a second player character.  
      6. Transfer contract to second player character.  
      7. Transfer contract price, minus fees to first player character.  
      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&#39;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.  
      It will be appreciated that while, for the sake of discussion, these databases have been described separately, the data in these and any other suitable databases could be merged into a single large databases and/or maintained separately in additional databases, or in other structures besides a database. Moreover, any such databases could be independent or linked, and the data in these databases could be stored centrally on a server or separately on game devices.  
      Conclusion  
      Of course it will be appreciated that the systems methods described herein are provided for the purposes of example only and that none of the above systems methods should be interpreted as necessarily requiring any of the disclosed components or steps nor should they be interpreted as necessarily excluding any additional components or steps. Furthermore, it will be understood that while various embodiments are described, such embodiments should not be interpreted as being exclusive of the inclusion of other embodiments or parts of other embodiments.  
      The invention is described with reference to several embodiments. However, the invention is not limited to the embodiments disclosed, and those of ordinary skill in the art will recognize that the invention is readily applicable to many other diverse embodiments and applications as are reflected in the range of real world financial institutions, instruments and activities. Accordingly, the subject matter of the present disclosure includes all novel and nonobvious combinations and subcombinations of the various systems, methods configurations, embodiments, features, functions, and/or properties disclosed herein.  
      Where a limitation of a first claim would cover one of a feature as well as more than one of a feature (e.g., a limitation such as “at least one widget” covers one widget as well as more than one widget), and where in a second claim that depends on the first claim, the second claim uses a definite article “the” to refer to the limitation (e.g., “the widget”), this does not imply that the first claim covers only one of the feature, and this does not imply that the second claim covers only one of the feature (e.g., “the widget” can cover both one widget and more than one widget).  
      Each claim in a set of claims has a different scope. Therefore, for example, where a limitation is explicitly recited in a dependent claim, but not explicitly recited in any claim from which the dependent claim depends (directly or indirectly), that limitation is not to be read into any claim from which the dependent claim depends.  
      When an ordinal number (such as “first”, “second”, “third” and so on) is used as an adjective before a term, that ordinal number is used (unless expressly specified otherwise) merely to indicate a particular feature, such as to distinguish that particular feature from another feature that is described by the same term or by a similar term. For example, a “first widget” may be so named merely to distinguish it from, e.g., a “second widget”. Thus, the mere usage of the ordinal numbers “first” and “second” before the term “widget” does not indicate any other relationship between the two widgets, and likewise does not indicate any other characteristics of either or both widgets. For example, the mere usage of the ordinal numbers “first” and “second” before the term “widget” (1) does not indicate that either widget comes before or after any other in order or location; (2) does not indicate that either widget occurs or acts before or after any other in time; and (3) does not indicate that either widget ranks above or below any other, as in importance or quality. In addition, the mere usage of ordinal numbers does not define a numerical limit to the features identified with the ordinal numbers. For example, the mere usage of the ordinal numbers “first” and “second” before the term “widget” does not indicate that there must be no more than two widgets.  
      When a single device or article is described herein, more than one device/article (whether or not they cooperate) may alternatively be used in place of the single device/article that is described. Accordingly, the functionality that is described as being possessed by a device may alternatively be possessed by more than one device/article (whether or not they cooperate).  
      Similarly, where more than one device or article is described herein (whether or not they cooperate), a single device/article may alternatively be used in place of the more than one device or article that is described. For example, a plurality of computer-based devices may be substituted with a single computer-based device. Accordingly, the various functionality that is described as being possessed by more than one device or article may alternatively be possessed by a single device/article.  
      The functionality and/or the features of a single device that is described may be alternatively embodied by one or more other devices which are described but are not explicitly described as having such functionality/features. Thus, other embodiments need not include the described device itself, but rather can include the one or more other devices which would, in those other embodiments, have such functionality/features.  
      Numerous embodiments are described in this patent application, and are presented for illustrative purposes only. The described embodiments are not, and are not intended to be, limiting in any sense. The presently disclosed invention(s) are widely applicable to numerous embodiments, as is readily apparent from the disclosure. One of ordinary skill in the art will recognize that the disclosed invention(s) may be practiced with various modifications and alterations, such as structural, logical, software, and electrical modifications. Although particular features of the disclosed invention(s) may be described with reference to one or more particular embodiments and/or drawings, it should be understood that such features are not limited to usage in the one or more particular embodiments or drawings with reference to which they are described, unless expressly specified otherwise.  
      The present disclosure is neither a literal description of all embodiments of the invention nor a listing of features of the invention which must be present in all embodiments.  
      Neither the Title (set forth at the beginning of the first page of this patent application) nor the Abstract (set forth at the end of this patent application) is to be taken as limiting in any way as the scope of the disclosed invention(s). An Abstract has been included in this application merely because an Abstract of not more than 150 words is required under 37 C.F.R. § 1.72(b).  
      The title of this patent application and headings of sections provided in this patent application are for convenience only, and are not to be taken as limiting the disclosure in any way.  
      Devices that are described as in communication with each other need not be in continuous communication with each other, unless expressly specified otherwise. On the contrary, such devices need only transmit to each other as necessary or desirable, and may actually refrain from exchanging data most of the time. For example, a machine in communication with another machine via the Internet may not transmit data to the other machine for long period of time (e.g. weeks at a time). In addition, devices that are in communication with each other may communicate directly or indirectly through one or more intermediaries.  
      A description of an embodiment with several components or features does not imply that all or even any of such components/features are required. On the contrary, a variety of optional components are described to illustrate the wide variety of possible embodiments of the present invention(s). Unless otherwise specified explicitly, no component/feature is essential or required.  
      Although process steps, algorithms or the like may be described in a sequential order, such processes may be configured to work in different orders. In other words, any sequence or order of steps that may be explicitly described does not necessarily indicate a requirement that the steps be performed in that order. On the contrary, the steps of processes described herein may be performed in any order practical. Further, some steps may be performed simultaneously despite being described or implied as occurring non-simultaneously (e.g., because one step is described after the other step). Moreover, the illustration of a process by its depiction in a drawing does not imply that the illustrated process is exclusive of other variations and modifications thereto, does not imply that the illustrated process or any of its steps are necessary to the invention, and does not imply that the illustrated process is preferred.  
      Although a process may be described as including a plurality of steps, that does not imply that all or any of the steps are essential or required. Various other embodiments within the scope of the described invention(s) include other processes that omit some or all of the described steps. Unless otherwise specified explicitly, no step is essential or required.  
      Although a product may be described as including a plurality of components, aspects, qualities, characteristics and/or features, that does not indicate that all of the plurality are essential or required. Various other embodiments within the scope of the described invention(s) include other products that omit some or all of the described plurality.  
      Unless expressly specified otherwise, an enumerated list of items (which may or may not be numbered) does not imply that any or all of the items are mutually exclusive. Therefore it is possible, but not necessarily true, that something can be considered to be, or fit the definition of, two or more of the items in an enumerated list. Also, an item in the enumerated list can be a subset (a specific type of) of another item in the enumerated list. For example, the enumerated list “a computer, a laptop, a PDA” does not imply that any or all of the three items of that list are mutually exclusive—e.g., an item can be both a laptop and a computer, and a “laptop” can be a subset of (a specific type of) a “computer”.  
      Likewise, unless expressly specified otherwise, an enumerated list of items (which may or may not be numbered) does not imply that any or all of the items are collectively exhaustive or otherwise comprehensive of any category. For example, the enumerated list “a computer, a laptop, a PDA” does not imply that any or all of the three items of that list are comprehensive of any category.  
      Further, an enumerated listing of items does not imply that the items are ordered in any manner according to the order in which they are enumerated.  
      In a claim, a limitation of the claim which includes the phrase “means for” or the phrase “step for” means that 35 U.S.C. § 112, paragraph 6, applies to that limitation.  
      In a claim, a limitation of the claim which does not include the phrase “means for” or the phrase “step for” means that 35 U.S.C. § 112, paragraph 6 does not apply to that limitation, regardless of whether that limitation recites a function without recitation of structure, material or acts for performing that function. For example, in a claim, the mere use of the phrase “step of” or the phrase “steps of” in referring to one or more steps of the claim or of another claim does not mean that 35 U.S.C. § 112, paragraph 6, applies to that step(s).  
      With respect to a means or a step for performing a specified function in accordance with 35 U.S.C. § 112, paragraph 6, the corresponding structure, material or acts described in the specification, and equivalents thereof, may perform additional functions as well as the specified function.  
      Computers, processors, computing devices and like products are structures that can perform a wide variety of functions. Such products can be operable to perform a specified function by executing one or more programs, such as a program stored in a memory device of that product or in a memory device which that product accesses. Unless expressly specified otherwise, such a program need not be based on any particular algorithm, such as any particular algorithm that might be disclosed in this patent application. It is well known to one of ordinary skill in the art that a specified function may be implemented via different algorithms, and any of a number of different algorithms would be a mere design choice for carrying out the specified function.  
      Therefore, with respect to a means or a step for performing a specified function in accordance with 35 U.S.C. § 112, paragraph 6, structure corresponding to a specified function includes any product programmed to perform the specified function. Such structure includes programmed products which perform the function, regardless of whether such product is programmed with (i) a disclosed algorithm for performing the function, (ii) an algorithm that is similar to a disclosed algorithm, or (iii) a different algorithm for performing the function.  
      The present disclosure provides, to one of ordinary skill in the art, an enabling description of several embodiments and/or inventions. Some of these embodiments and/or inventions may not be claimed in this patent application, but may nevertheless be claimed in one or more continuing applications that claim the benefit of priority of this patent application. Applicants intend to file additional applications to pursue patents for subject matter that has been disclosed and enabled but not claimed in this patent application.