Zynga Seeks Patent for Virtual Currency

Published Monday, October 25, 2010 - Online-Casinos.com

Social gaming giant Zynga has decided it wants to own the virtual money that people are using to lay online games. Zynga filed for a patent recently for purchased in-game currency which is described in the patent application abstract as something that has various embodiments, virtual currency is used within a multiplayer online game in a restricted manner.
Internet based games have been offering virtual currencies for a long time and the currency is usually earned by performing certain actions within a game.
This currency is then traded for objects within the game. These currencies are not legal tender and can not be purchased legally.
In some developing countries operations that cash in on the virtual currency market are known as 'Gold Farmers'. These operators pay players to accumulate virtual money and then trade the objects in for real money.

Zynga sells its game currencies with impunity and money generated from FarmVille Cash and FrontierVille Horseshoes has become a real time commodity.
Zynga Poker for instance come close to violating state gambling laws where regulations don't permit the use of virtual money to gamble with.

 Zynga‚Äôs patent application points out however that its virtual-currency uniqueness is that the currency exchange is only one-way. Players can put money in but they can't take it out thus circumventing the online gambling dilemma.

Mark Pincus the CEO of Zynga has his name on the application for a patent as one of the inventors of the currency which appears at first glance to be a legal tactic to pull the rug out from under intellectual-property claims against the company.

Facebook has it's own virtual currency system called Facebook Credits which Zynga is tied to by a five year deal with Facebook to use Facebook credits. Should the Patent be given to Zynga the firm will be in a position to negotiate with Facebook on other issues between the two companies.

 

 

 

 

 

 

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