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 Minecraft, a video game phenomenon with over 100 million users, is
such a hot property that Microsoft Corp recently forked out $2.5
billion for its maker, Mojang AB.
Players build their own worlds via game systems, smartphones,
tablets and computers using virtual Lego-like pieces. And as opposed
to the shoot-'em-up video games that kids usually gravitate toward,
this game teaches them about money.
It is "about barter, about value, about how to protect your stuff,"
says Hank Mulvihill, a financial adviser in Richardson, Texas.
"Kids are learning about money on a lot of different levels in
Minecraft," says Joel Levin, co-founder of Manhattan-based
TeacherGaming, a firm that works with educators to use video games
as teaching tools.
"There are basic currencies, like emeralds that you dig up and can
trade with villagers," Levin explains. "There are exchange rates,
because certain items are worth more than others. Then players have
to think about whether to spend money right away, or save it and get
something more rewarding later on. These are analogous to the
financial decisions people are making in the real world all the
time."
And that is just if you are playing the game on your own. If you are
online with multiple players, the financial issues become much more
complex.
"At that point, players are setting up actual economies," Levin
says. "On a particular server, they may decide that diamonds are the
currency of choice. Or some kids start playing the role of a bank,
offering loans and charging interest."
Levin is aware of instances where teachers introduce a rare item
into the game that kids can't obtain on their own, and then watch
them react to the scarcity. "It's supply and demand in action," he
says.
HOW TO START FROM NOTHING
Of course, most parents only experience Minecraft by peering over
their kids' shoulders and trying to figure out what the hell is
going on.
So in case you were wondering, here are a few of Minecraft's key
financial lessons:
When starting out in the world of Minecraft, "nobody tells you
anything, no instructions," says 19-year-old Harvey Mulvihill, son
of Hank, who plays along with his two brothers. "You are a stranger
in a strange land, and you have to figure out how to gain
resources."
Indeed, Minecraft is a so-called "sandbox" game, in which players
roam a virtual world with very few limitations. In that way, it is a
riff on the traditional American archetype of the Horatio Alger
story - starting from nothing and somehow making a huge success of
yourself.
Players have to gain skills and then leverage those skills to
develop a better world for themselves.
HOW TO PROTECT WHAT YOU HAVE
As in life, very bad things happen all the time in Minecraft -
death, robbery, physical attacks and disasters of all stripes. As a
result, players have to protect themselves against a number of
terrible futures.
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For example: travel light. "It is never a good idea to carry your
valuables on your person," advises 17-year-old Patrick Mulvihill.
"Once you die your things are dropped on the spot of death.
Valuables should be kept in chests in safe, well-lit places."
But it is not just death players have to insure themselves against.
That is because some people in this virtual world - known as "griefers,"
according to Patrick - go online solely to steal and break other
people's things.
HOW TO MAKE THE RIGHT CONNECTIONS
Life is all about who you know, and Minecraft is no different.
Connecting with the right people can make your virtual life a whole
lot easier.
"If I was starting from scratch and didn't know any coding, I could
be digging for emeralds forever," says Dan Short, associate
professor of environmental science at Robert Morris University in
Pittsburgh, who has written an academic paper on Minecraft.
"But if you are on a server with other kids, the server owner can
basically give you as many emeralds as you need. They're like little
monarchs."
The moral of the story? Your network counts, and you should develop
it as much as possible.
HOW TO MONETIZE YOUR SKILLS
Once you become talented at something, you could find yourself in
serious demand. Fifteen-year-old Sean Mulvihill plays with his
buddies Jackson, Oscar and Wyatt. "Jackson is known for being the
best builder, and others pay him to build them a house," Sean says.
Meanwhile, Sean is seen as "by far, the best farmer," he notes
modestly. As a result, other players come to him with business
propositions, like supplying him with seed, equipment and gold in
order to tend their farms and divvy up the profits.
This principle of monetizing your Minecraft skills applies in the
real world, too, notes Short. Some have become so talented at the
game and charismatic with their audiences - with handles like
TheBajanCanadian, Sky Does Minecraft and Lewis & Simon - that they
run their own insanely popular channels on Google Inc's YouTube.
"They get followers on YouTube, they host games and then kids
sometimes pay a premium for the chance to play with them and be in
their videos," Short says. "They must be making serious bank. That
might be the biggest financial lesson of all."
(Editing by Lauren Young, Beth Pinsker and G Crosse)
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