Bodega Lets Gamers Cash Out Virtual Currency

A new app called Bodega went live on Facebook and other social networks roughly two weeks ago, offering users a novel service: the ability to buy and sell virtual currency and virtual goods from any game. Bodega makes this possible across multiple platforms by mediating all transactions through its own virtual currency, Bodega Bills. The site even lets users cash out, by letting them convert their Bodega Bills into cash via PayPal once they've met certain Bodega qualifications. 

In its two weeks of operation, Bodega has gone from 0 users to roughly 9000 users (as of today). CEO Mark Sendo attributes this to wildly unexpected viral growth of the product.  Sendo says this puts Bodega on track to acquire 100,000 users by the end of November. 

Bodega's system of buying and selling virtual goods is based directly on the time-tested eBay model of auctioning items online. A user with a virtual item or a wad of virtual cash to sell first registers and creates a listing. When creating the listing, the seller can opt to set a "Buy it Now" price that lets people purchase the item outright instead of waiting for the auction to end.

When the auction is over, Bodega places a hold on the Bodega Bills involved in the transaction. Once both buyer and seller confirm that the purchased item has been transferred, then Bodega allows the Bodega Bills to change hands.  All transactions made through Bodega must use the Bodega Bills virtual currency.

Users can acquire Bodega Bills by participating in the site, selling virtual items, completing ad offers, or direct purchase. Users need to obtain 10,000 Bodega Bills, sell at least one virtual item, and made five Bodega Friends before they can cash out their Bodega Bills. Bodega Bills convert into USD at a rate of roughly $1 per 1000 Bodega Bills when purchasing currency. 

Humble Beginnings

The only restriction on what users can trade through Bodega is what various applications are known to be allowed to transfer. So right now the marketplace is overwhelmingly focused on items and currency, with no signs of whole characters or accounts going up for sale. Sendo says that roughly 150 transactions have completed through Buy It Now purchases, while 80 auctions have completed successfully. 

Since Bodega is embedded right into Facebook, Sendo sees the company focusing primarily on helping users buy and sell items from social games for now. He hopes that by making Bodega a social app, it will feel more accessible than competing secondary marketplaces like PlaySpan. 

Bodega began generating revenue within 7 days of initial launch, according to Sendo, and expected to become profitable in about 90 days. The company has accepted venture investment from individuals including Owen Jennings, but Sendo couldn't disclose the amounts involved. 

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