Online gamers enjoy a concert on the BBC's virtual island

Welcome to the world of MMOGs, Massive Multiplayer Online Games. For those who don’t know, an MMOG is a computer game which thousands of people can play simultaneously on the internet, interacting or competing with each other. Some of the most well-known MMOGs include Second Life, World of Warcraft and Legend of Mir II.

Whilst many of these kinds of games involve role-playing and fulfilling tasks, others simply offer an alternative universe where players can socialise, earn money and trade with each other.

In recent years ‘social’ MMOGs like Second Life and Project Entropia have invited gamers to spend real money inside the game. And whilst many people might find this strange, some online gamers have used their virtual investments to make a profit.

A 23-year-old Australian gamer, known as Deathifier paid around £14,000 for an island in the game Project Entropia in 2004 and within a year had recouped his investment by selling land to other gamers to build virtual homes on. The young entrepreneur is highly confident that his digital assets will continue to be profitable.

“The money made to date is only a taste of what can be achieved with my virtual island purchase," said Deathifier, "There is still more room for growth and revenue with the untapped resources surrounding the land."

Here at the BBC we are never slow to embrace new technology, and have rented a virtual tropical island within the game Second Life. The BBC’s island has been used to stage online music festivals and showcase new musical talent. It is hoped that it will also bring gamers closer to their favourite artists.

BBC interactive editor, Daniel Heaf, said, “There may be opportunities to have people like Justin Timberlake on spaces like this – that will allow a level of interaction with the audience that we have never tried before."