(Note: This is a piece I just posted at globeandmail.com, based on an interview with Weblo founder and CEO Rocky Mirza):
As the founder of a UK-based online-gaming property called IBetX.com and an Ottawa-based auction site called UniqueAuction.com, entrepreneur Rocky Mirza knows a little about what people like to do with their money online, and he is hoping that they will want to spend some of it buying and selling virtual properties as part of his newest venture, an online “virtual world” called Weblo.com. Mr. Mirza has managed to get some high-powered backing for this latest project (which launches on September 26): a major shareholder is none other than Richard Rosenblatt, whose most recent company — a little thing called MySpace.com — was bought by News Corp. last year.
Weblo has a long way to go before it is as massive as MySpace, of course, but Mr. Mirza says he believes it has the same kind of appeal as a social-networking site, with one added element: money. And not the kind of virtual money that players use in a virtual world such as Second Life or World of Warcraft, but real dollars. In a recent interview, Mr. Mirza said Weblo is a little like the game of Monopoly, but “without the board and with real money.” Players buy the right to “own” real-world properties such as the Taj Mahal, and then make money by either renting out space to other players, or from advertising that runs on their part of the site. They can also make money by selling their properties to others (Weblo takes a cut of each transaction).