I'd like to see a legit exchange rate between money and time, which isn't a total insult to the player. If it takes me 40 hours of playing the game to get a certain sword, and you can buy it in a MT shop for $5, the company is basically saying that their players' time is worth about 12 cents an hour. No wonder things lose all meaning and value when sold in a microtransaction.
They should start with a reasonable time/money conversion. What's the average hour worth to the demographics who play these games? $25? $50? So if you had the exact same shop, but made the prices reflect the actual time spent...the sword I mentioned above would cost $1000. I wouldn't mind that MT shop at all.
I disagree with the common argument that if a game isn't directly competitive (i.e. if it's PvE), then anything and everything can be for sale because it doesn't directly affect other players. This is patently false. In a shared game world, whether it's competitive or cooperative, everything has a value which is determined by the player base as a whole. This "communal value" which is assigned to everything directly affects each player's experience of the game. It's easiest to see in the modern MMORPG's auction house...why are some items more expensive than others? Because of the investment (time, effort, logistics, skill, knowledge, whatever) it takes ANY player in the shared game world to obtain that item.
If one person buys an item using money which is outside of the shared world, they are introducing an unbalancing force to that communal value. When you decrease the value of an item by buying it with a microtransaction, it reduces the value of the item for EVERYONE who shares the world with you, whether it's competitive or not. The same goes for the value of play time. Everyone's experience loses value when one person bypasses or shortcuts the game play.
A couple examples -
There's a sword which requires 50 completed dungeons to aquire. This typically requires about 100 hours of play time. This sword will have an actual in-game monetary value which is commensurate with that 100 hours of play. If the item is not tradeable, it will still have a status value, or perceived value, commensurate with the investment required to get it. "Wow, that guy has the sword of awesome, he did X, Y, and Z...that's impressive!"
Now sell that sword for $10 in a microtransaction shop.
What is the sword worth now, in the context of the game world? Nothing. It's literally worthless. Because the sword can be had without ANY in-game investment, it no longer has any in-game value. It's just some pixels that nobody cares about or would buy in-game. "That guy spent 100 hours getting that sword? Why would he do that? You can get it for $10 in 2 seconds." Now comitting to actually playing the game and investing yourself almost becomes a foolish thing that people ridicule.
The same would be true of an experience within the game. Say completing a particularly difficult quest provides you with a title. With no microtransaction possible, that title will have a whole bunch of memories, play time, and meaning rolled up in it... it has value. Sell it in a cash shop... again, it's worthless in the context of the game, because there's literally no experience associated other than swiping your credit card. Not very memorable.
Shortcutting / bypassing the game does the same thing. You are cheapening the play experience of everyone, and devaluing milestones and achievements within the game. All of the above affect all players in the shared game world, competitive or not.
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