$60 million was the investment in World of Warcraft virtual currency made by Steve Bannon.
Before joining President Donald Trump’s administration team, Steve Bannon led another life: working as an investment banker at Goldman Sachs Bannon he poured $60 million from the bank into the popular online game, World of Warcraft.
A company called Internet Gaming Entertainment (IGE) traded virtual currency in MMOs (massively multiplayer online games), which it happened to do so with Blizzard Entertainment’s popular World of Warcraft.
Bannon believed that he could make easy money through the process of ‘gold-farming.’ This is a process which sees players acquiring a large amount of in-game currency, which can then be utilized to upskill and provide their characters with the necessary equipment to advance in the game. Some players who had acquired this in-game currency or gold were trading it for real cash, which Bannon noticed.
In an attempt to give IGE the legitimacy it required, Bannon wanted to add Goldman Sachs to the company’s venture by investing $60 million into it.
As a Financial Review adds, though, it was during this stage that World of Warcraft’s parent company, Blizzard Entertainment, was shutting down gold farmer accounts that were taking the game away from genuine players.
For many people around the world, online gaming where you can acquire in-game virtual currency has remained a popular pastime. While games such as World of Warcraft have long found ways in which to sell their gold with gaming providers continually searching for ways to keep the money flowing, it remains to be seen whether in-game economies are the future.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.