Second Life Group Buys Virtual Markets

Second Life Group Buys Virtual Markets

Second Life creators Linden Lab has purchased two online markets which trade various goods to users of the virtual world.

The California-based group as acquired both OnRez and Xstreet SL, two businesses that specialise in items such as virtual clothes and real estate. Both firms will now be consolidated and more closely integrated with Second Life.

“Linden Lab is expanding its footprint in the virtual world industry through four major initiatives; localising the Second Life experience in key markets around the world, simplifying the ‘first hour experience’ to broaden consumer adoption, enhancing the platform for enterprise users and building our virtual goods marketplace," says Linden Lab CEO Mark Kingdon.

"Content creators and merchants are pillars of the strong Second Life economy,” he added. “With these e-commerce acquisitions, we will now be able to offer content creators and merchants an opportunity to substantially improve their businesses."

Linden Lab states that the global market for virtual goods is now valued at $1.5 billion. Second Life, the company says, is responsible for $360 million of that market.