[teamlaft]

Yup that's correct. Check out Ed Castronova's paper: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=294828

When I was in high school with plenty of time on my hands I turned my hobby of playing Everquest into a pretty lucrative business (especially for a 17yr old). I found it amazing what people would pay for items to help advance their characters, especially those who were older and had limited time, and thus wanted to minimize time-sinks.