Korea: Synthetic Currency Now Sold in Stores

Edward Castronova

In Cyworld, you can set up avatars who interact with your visitors. If you want better avatars, you need to pay for them with acorns ('dotori'). Acorns are available from the company, for the equivalent of 10 cents US each.  You can buy them with your cell phone and give them as gifts.

Of course, with such small unit prices, acorns are only a $200,000 business.  Every day.

And now, in the mirror image of /pizza, you can buy dotori in stores.

Here's a translation, by Indiana University PhD Student Seungwhan Lee, of part of an article in Chosunilbo, Korea's largest newspaper:

Bang, S. H. (2005, March 15). Cyworld began to sell “Acorns” gift cards in stores. Chosunilbo, B4.

"Cyworld began to sell “Dotori” (Acorns) gift cards in stores

SK Communications which owns Cyworld <the largest community site in Korea> announced that gift cards for Dotori (acorns) are selling in stores on March 14.

Dotori is e-money that is used to purchase avatars and background music to decorate personal multimedia homepages in Cyworld <cyworld.com>. One Dotori is equivalent to 10 cents and $200,000 is sold every day so far via cell phone, credit card and e-banking purchases.

There are three types gift cards: 3, 000 Won <Korean currency> (or 30 Dotories) <equivalent of $3>, 5,000 Won, and 10,000 Won... Beginning of March 14, Dotori gift cards are sold nationwide in 3,500 bookstores and 8,000 stationery stores."

* < > means my explanation.