The game is called Age of Wulin, an MMORPG soon to be released in China. The $16,000 human dollars went for a special sword in the game, apparently a unique item. Other players have dished out stunning wads of cash for unique weapons in the game, but the sheer scale of this purchase makes it noteworthy. What kind of ads are they running for Age of Wulin over there to set off this buying frenzy? Either way, the story highlights the growing demand in virtual economies, with game items making up a major source of revenue for companies. TIME has the story.
I wonder if this effect can be harnessed for good. Say, fusion researchers running a game full of hats and and outfits and auctioned unique items to fund the billions they should be getting in research grants.