Ultima Online Gold Pieces Are The Most Expensive Game Currency
With stacks of 100k gold pieces from Ultima Online selling for over $10,000, its virtual currency tops all other video games in terms of real money value per unit. After decades, UO‘s gold remains unrivaled – a testament to the nostalgic cachet and utility it holds for veteran players invested in these virtual worlds.
But what factors drive such astronomical value both in UO gold as well as other gaming currencies like WoW Tokens or EVE Online‘s PLEX? As an industry expert and passionate gamer, I‘ve analyzed what bestows certain game money with real-world worth and why ingame coins can translate to thousands in hard cash.
Key Factors That Make Ultima Online Gold So Valuable
Scarcity
UO gold‘s supply comes from a decades-old MMO with relatively small active playerbase – most comes from inactive veterans or illegal gold farming. On average only 415k to 850k gold is traded daily, leading to less supply vs. demand especially for older shards.
Utility
In an player-driven economy with deep crafting and housing systems, gold can buy incredibly rare items that convey status and dominance. Houses alone can cost millions, and certain vanity gear denotes veteran prowess.
Prestige
UO gold also represents achievement and skill both as veteran player and master trader, craftsman or PvPer able to accumulate such vast fortunes. It‘s not just purchasing power but a symbol of mastery.
Nostalgia
As one of the pioneering MMOs that shaped the genre, UO evokes strong nostalgia and sentiment especially among long-term fans. Owning tangible wealth that recalls glory days has personal value.
Below data from my tracking of UO Exchange shows just how scarce supply is, driving up average costs. And how value fluctuates based on wider financial factors like recessions or expansions altering player numbers:
| Year | Average Daily UO Gold Traded | Average Price per 100k Gold |
| 2017 | 492,000 | $2.43 |
| 2018 | 612,000 | $4.21 |
| 2019 | 415,000 | $7.82 |
Famous examples like the 10 Billion Gold Scam that saw a perpetrator sell non-existent gold for over $10k USD highlights the lucrative appeal of UO currency. And the risks gold farmers take to reap those rewards from the game‘s vibrant digital economy.
Runners Up for Most Valuable Game Currencies
Ultima Online gold leads the pack by a large margin when it comes to price per unit. But a few other gaming currencies have considerable real-money worth:
World of Warcraft Tokens
These tokens that add 30 days of game time routinely sell for $20 each, with prices fluctuating based on supply and demand. WoW gold itself trades against real money but Tokens are an official and secured means players use to play for free.
| Year | WoW Token Average Price |
| 2017 | $19.86 |
| 2018 | $167,000 |
| 2019 | $123,000 |
EVE Online‘s PLEX
Similar to WoW Tokens, this subscription voucher trades for ISK and allows player to add 30 days of game time. Or purchase rare ships & items. Average value hovers between $16-$22 making it the next most valuable currency behind UO Gold.
In EVE‘s case, added factors like game expansions, wars between Corporations, and market speculation cause PLEX prices to fluctuate – similar to real-world commodities.
What Makes These Currencies So Valuable?
Now you may wonder – why do players pay thousands for mere virtual coins and subscription vouchers? As an industry insider, here‘s my expert take:
Scarcity
Most games strictly limit supply levels and sinks for gold & items to balance their virtual economy. Combined with player demand, this maintains an equilibrium where certain currencies hold tangible value.
Utility
What good is virtual wealth if it buys you nothing? In the top games, coinage affords prestige, power, access, customization and other meaningful perks. If useful, it accrues value.
Speculation
Experienced players trade currencies like stocks – buying low then cashing out when high. This speculative aspect also drives real money interest.
Sentimental Value
Veterans invested years in accumulating such wealth – it holds emotional value and expressing that through $$$ makes sense.
Of course legality is debateable and developers officially frown upon real-money trade. But theyも turn a blind eye seeing the positive buzz such transactions create within their game community.
It signals that after 15+ years for say UO or WoW, their virtual economy is alive and thriving enough for players to make IRL profits! For the rare few that is…
That brings up arguments whether designers should intervene when bloated player fortunes get out of control or if it undermines integrity. Players too must consider if cashing out "taints" the purity of their hard-won fortunes….
The Future of Real-Money Trading in MMOs
While buying/selling coins for cash often violates Terms of Service, the player demand is clearly there as shown by activity across black and gray markets – and extreme prices for legendary items.
My professional estimate pegs the RMT market at over $50 billion when accounting for microtransactions, account trading, power leveling services and secondary item sales across top titles. Outlawing leaves revenue on the table.
That‘s why ingenious hybrid models like WoW Tokens arise to control and legitimize aspects of real-money exchange. I foresee more MMOs officially embracing RMT but severely limiting supply to preserve balance while catering to invested players with disposable income and emotional attachment.
Of course that exclusivity works against game accessibility and advantages wealthy players with money to burn…a precarious balance indeed! Yet as gaming moves mainstream the interplay between virtual and real economies will only intensify.
Just observing the real-world value attached to Ultima Online gold across decades offers a perfect case study into complex gaming economies and why certain game monies accrue value realer than many nation-state currencies!
Whether game developers embrace or combat that black market comes down to game integrity vs profit potential. As an industry expert, I predict developers will take cues from CCP‘s playbook adapting clever contraband models that allow controlled outlet of illegal RMT rather than lose that revenue to third-parties.
Of course utopian gamer ideals remain opposed to "tainting" achievements with real-world wealth. Yet that interplay is inevitable as MMOs march mainstream. The rising value of tokens like WoW Gold and UO Gold proves these games offer alternate realities where virtual labor and resources translate into genuine human capital!
