The MTGO Virtual Economy: A Case Study on a “Play-to-Earn” Game That has Existed Since Before Cryptocurrency Was Even Invented

MTGO is a virtual simulation of the popular tabletop game, Magic: The Gathering Online. For over 20 years, it has developed a robust virtual game economy that is connected to the real-world market through the game's set redemption feature. In this case study, it is shown that the different facets of the MTGO economy have enabled it to thrive while avoiding or naturally addressing problems such as hyperinflation that have commonly arose in other virtual game economies, including those that fall under the contemporary and at times controversial concept of play-to-earn model games. Through this expository paper, it is argued that the MTGO economy is a rich source of information that is worth exploring for the benefit of fields such as game development research, game behaviors research, and experimental economics.