METANOMICS 101

57 MILES: Hello everyone, and welcome to Metanomics ’07, Metaversed.com and Cornell

University’s Business Series for Second Life and Virtual Worlds. This is the very first in a

three-month series. You could think of this as a warm up and an introduction to the series,

as we’re officially outside of the scheduled time from October through December. And very

shortly I’m going to introduce you to Robert Bloomfield, who is Beyers Sellers in Second

Life, who will be explaining a little bit about the course, a little bit about the series, and a little

bit about the concept of Metanomics and what it all means.

If you have questions, you are welcome to IM me, Onder Skall, or Vertias Variscan. Please

do also have a look for the group, because if you want to be notified about these things in

the future, it’s pretty cool to be in the Metonomic’s group because that’s where we’re going

to be posting all of this information.

Just go to the search at the bottom of your screen, choose the groups tab. When the

window pops up, type in “Metaversed”--that’s Metaversed with a ‘D’ at the end--and you’ll

come up with all our groups, including Metanomics. Feel free to join Metanomics.

Thank you everyone. Without further adieu, let me introduce you to Beyers Sellers from

Cornell here, who will take the podium. There you go, Beyers Sellers.

BEYERS SELLERS: Well, thank you so much, 57 Life, and also thanks to all of you for

showing up. I’m absolutely delighted to see so many people here, and so I want to take this

opportunity to welcome you to Metamonics 101.

So this whole series started out as just a low-key Johnson School MBA course on business

and regulation in Second Life, something that I got increasingly interested in over the

summer. And so at first the plan was to come into Second Life, bring some MBA students

along, have them hear a few interesting guest speakers, and write some reports. I figured I’d

have about a dozen people and now, thanks to 57 Life and Metaversed, it’s turned into a

series of events that are broadcast live on the Internet, with some really interesting guest

speakers and a full-blown Web site. And it looks to me like we have more than a dozen

people sitting out there. I think we’ve basically maxed-out Metaversed Island right now. I

know a number of you are watching this on SLCN-TV because you couldn’t get in, and we

will see what we can do about that.

Okay. Today is pretty much like the first day of any college class that you’ve taken. The

professor talks about what the course is going to cover, some administrative details. And

they always predict that the session’s going to end early, but it never really does. So I’m

going to try. And I’m going to try to leave a fair bit of time for Q&A at the end. If you have

questions throughout, you know, it’s nice to know that you’re alive out there in our studio

audience on Metaversed Island, so feel free to do a little chatting on the bottom of the

screen, so that I know you’re alive. But if you have specific questions you want to have

addressed in the Q&A, IM 57 Miles so that he can help me moderate those.

Okay. I want to start by talking about the term that you’re seeing on this slide here,

“Metanomics.” So people always poke fun at academics for coining terms, but this one just

seemed too natural to pass up. So let me just talk about it a bit.

Metanomics is the study of the economics of the metaverse. And metaverse is a term that

was coined by Neil Stevenson in his science fiction novel Snow Crash. If you read that, Neil

Stevenson describes a virtual world that is much like Second Life. You can call him a

visionary, but I have to admit I had a little trouble taking seriously a book in which getting

pizzas delivered on time is a matter of life and death overseen by the mafia.

That said, “metaverse” is really a great term and more general than just Second Life. We

have to include lots of virtual worlds, not just Linden Labs’ Second Life, but Blizzards’ World

of Warcraft. Sony Online has EverQuest; Mindark has Entropia. But we can go further than

that. We can talk about social networking sites like Facebook and MySpace, connectivity

platforms like Skype and so on. So all of these, I think, in the coming years, are going to be

integrated in ways that we’re just beginning to see now. And so I think it makes sense to just

use the one term, “metaverse,” to describe everything that’s going on.

Now, as part of this, I want to emphasize that this course is not only about Second Life. In a

few minutes I’m going describe a range of topics that I see as being part of metanomics. But

for right now, what I do want to do, despite metanomics and the metaverse being much

more than Second Life, is I want to just have a quick and concrete overview of the economy

of Second Life, which is the world that I know best.

So first I want to apologize to those of you who are Second Life residents who are active in

this world because I promise you, you know far more than I do about what’s going on here.

One of my big motivations for running this series is so that I can learn from you. So please,

if you feel you want to correct or elaborate on things I want to say, go to our Web site,

metanonics.tv, and write comments or post your own stories so that others can start their

own comment streams.

Okay, the next slide just gives a little bit of a summary of the many different industries that

we see in Second Life. And so I’m just going to walk through this slide. And they’re in an

order that I think will make it relatively easy for those who are not involved in Second Life to

see how it all works together.

So the first thing to understand about Second Life’s economy is that Linden Lab, which

owns and runs Second Life, prints money called Lindens, and they also basically print land.

Now money’s fairly easy to understand. Lindens become the currency that facilitates

transactions between residents. And the land is a little more confusing. And I see there are

some comments about the slides, so I don’t know if we have a little technical problem there,

but I’m going to keep going, and we’ll worry about the slides in a bit. I figure I am compelling

and organized enough that you can just get it from me alone. So let’s see how that works.

Anyway, talking about land. So land is confusing. Buying land from Linden Lab is not just

buying a place for people to meet up. You’re really buying server space and bandwidth to

support the objects that are being put on the land and the capacity to run the scripts for

animations. For example, the animation that you see my body, Beyer’s, undergoing right

now as he talks--this is an animation script in the podium that I’m standing at, and it is

animating my body. And also the land allows us to get this audio stream that you hear my

voice coming through, because I’m talking to you on Skype.

There’s a very active market in real estate. We’ve got land speculators who buy the land

from Linden Lab and resell it to others who may resell it again. There are land developers

who buy the land, subdivide it, put up houses and other sorts of content that people would

like to see. And again, they may resell it for a higher price, or they may rent it out. This

active land market then leads naturally into a building and scripting industry, businesses that

are creating content to put on the land.

Now, this isn’t just architecture, although there is a lot of tremendous architecture in Second

Life. Architectural features like windows and doors have scripts in them to arrange how they

open and close and tint and the like. So once we have the land and the buildings and the

other useful objects created by the real estate, building and scripting industries, we can start

talking about giving people something to do.

Let’s turn to media and entertainment. Certainly I’ll give a shout out to the Second Life cable

network, which is allowing us to broadcast this live right onto the web. And they broadcast a

lot of interesting things that entertain Second Life residents.

And then there’s also, of course, active dance clubs with live music streamed in-world. And

music, again, drives more of the animation industry because the avatars like to dance to the

music they’re hearing. So this industry, media and entertainment, just like any other, creates

a lot of demand for scripting and for building.

Now, one of the best parts of Second Life is the ability to interact with people from around

the world. There are over 100 universities and colleges with a presence here, and

businesses are running live events and conferences here all the time. So this creates

demand for people, like my colleague, 57 Life, of Metaversed, who manages these live

events. And people like, Navillus Batra, of i3D Now, who made our slide projector so that

you can see something that’s pretty much like a classroom I would teach in at the Johnson

School here at Cornell.

Okay. Well, let’s move back to fun away from work and school, and talk about fashion and

design. Second Life is intrinsically social and some of you who are watching this on the web,

either live or after the fact, may wonder why people would make their way onto Metaversed

Island to be here. Well, the reason is that they can interact with others and really build a

community.

Would you rather see a movie at home alone in your living room, or go to the theater and

see 300 people sitting around and be laughing at the same things you’re laughing at? So it’s

very social.

And fashion, then, of course, is an essential part of social life, and so there are a lot of high-

profile designers like Raven Pennyfeather, Nyla Cheeky, Vindi Vindaloo who are able to

earn a living from doing something that also seems like a lot of fun because we’ve got

fashion shows and parties. And of course, anyone can be thin enough to be a model.

Okay, well all of these industries require investments, so there is an active market for

financial services. And in particular, there are three stock exchanges in Second Life which

allow--oh, 70 or so businesses, at last count--to raise capital from other residents to buy

land and hire workers and do the other things that require financial investment.

The last element of the economy is the personal services industry. This is pretty wide and

varied, and frankly I’m not going to talk a whole lot about it in this course because the

personal services industry gets a little too personal for me.

So right now we should be looking at the slide on regulation. We’re going to move to the

slide on regulation--that’s slide number three--because all of these industries require

opportunities for regulation. And so let me just very quickly describe the regulatory issues

that we see in Second Life.

First of all, above everything else that residents may do, there’s the Linden Lab terms of

service for Second Life. Every resident must sign-on to those terms and agree to adhere by

Linden Labs community standards. There are a few activities that Linden is actively policing:

gambling, depictions of underage sexual activity but, for the most part, Linden is taking a

hands-off attitude, particularly in conflict among residents. So residents are left in a world

that many have characterized as a lawless world, a wild west, and they then need to

develop their own regulatory institutions, which, in fact, they are doing.

So I’d like to start by talking about zoning and community standards. Prokofy Neva is one of

the most prolific writers on Second Life, and she talked with 57 Life on a metaversed

podcast about an event called Kong on the Water. The short version here is someone made

an enormous model of King Kong that was visible, not only from their own land, but the land

owned by other residents. Now, it’s easy in Second Life, if you own your own land, to

remove objects from it and to control it, but what about neighboring land? What about land

that you have many people renting on and many of these renters do not have the status, the

software permissions to remove something like a giant King Kong that they’d rather not

see?

In the real world we can deal with this through zoning laws. But in Second Life, residents are

struggling to create and enforce these laws, so there are a number of groups who are trying

to come up with governance structures. So Desmond Shang has his own community with its

standards. Caledon is, as I understand it, successful though there are, no doubt, some

Second Life residents who will want to enlighten me on their situation.

Metaversed Republic is a group that is trying to come up with a system of governance. And I

think a lot of people are concerned that they are not making the headway they’d like to see.

And no doubt members of Metaversed Republic will like to enlighten me on their view there.

Okay, next I’d like to talk briefly about vendor certification and the resolution of business

disputes. So we’ve got a lot of business-to-business commerce in this world, often between

people who don’t know one another in real life. So how can you guarantee you’re hiring

someone qualified? How can you guarantee that if you buy an object that, in fact, it’ll

perform as promised?

Now, one issue is trying to resolve disputes after the fact, and there are a number of lawyers

now in Second Life and a Second Life bar association and the Dispute Resolution

Organization run by Gwyenth Llewelyn, but after the fact is a little late. And when we think

about regulation and oversight, we think about certification and methods of avoiding

problems in the first place. So we have groups like the Second Life Business Bureau that is

suggested, not only resolving disputes after the fact, but certifying businesses based on

past behavior and on their ability to have practices in place to ensure good future behavior.

Now, these are incredibly controversial. And if you read through the blogs and some of the

suggested readings, when we get to sessions talking about that, you’ll see that people worry

a lot about extortionary activity by quasi-regulatory groups. And in fact, I see concerns being

expressed in the chat in the Second Life audience already on that one.

Finally, let me talk briefly about the regulatory arena that’s nearest and dearest to my heart:

the financial markets. There have been a number of scandals this summer in the market,

and a group called the Second Life Exchange Commission has been working to develop

methods to protect investors, including things like requiring exchanges to be transparent

about their activities and requiring listing firms to be transparent about their real-life contact

information and their financial situation. This also has a tremendous educational aspect

because most of the listing firms and investors are not professional: either they don’t have

professional CFOs and CPAs.

Okay, so that pretty much rounds up our discussion right now of the Second Life economy.

And as we move on to the next slide, I want to emphasize that metanomics is not just about

Second Life’s economy. Second Life is just one piece of the picture here--a very interesting

one, but just one piece.

So I want to take a step back and look at the bigger picture. And here I guess I’m going to

sound all academicy because you know how we academics like to make lots of distinctions.

So that’s what I’m going to do now. I’m going to make some distinctions that I have found

very useful in trying to communicate with the many different people who seem to be

interested in the economics of virtual worlds and the larger metaverse.

The first distinction that I would like to make is between immersionists’ and

augmentationists’ views of virtual worlds. Now, I didn’t make these terms up. They actually

come, my understanding, is from role-playing communities in virtual worlds. And Second

Life blogger Gwyneth Llewelyn has written a nice definition of these terms as they pertain to

Second Life. What she says in here--I’m just reading from one of her blogs—“Immersionists

are those who want to live a parallel Second Life, completely separated from their real life,

while augmentationists are those who want to use Second Life as a means to enhance their

real life.” Now, you can imagine immersionists and augmentationists don’t necessarily get

along all that well. If they’re on a medieval island, the immersionists are going to be the

ones who are saying “thee” and “thou” and “Hail there, fair fellow,” while the--I’m sorry. The

immersionists are saying that, while the augmentationists are seeing, “Yo, dude, what’s up?”

So it’s very clear that in the first group people are immersing themselves in the role of being

in a medieval sim. And in the second case it’s some guys who want to make some friends

and maybe have a beer in their living room with someone who’s having a beer in their living

room 3,000 miles away.

Okay. Well, this course is about business and economics, so not so much about role

playing, but the distinction is really a very important and useful one. Immersionist

metanomics studies the economics of virtual worlds as parallel worlds separated from the

real world with their own dynamics and their own inherent interest. So what we just did,

talking about Second Life, was very much an immersionist perspective.

Augmentationist metanomics studies how real-world organizations are using and

responding to the virtual worlds and to other aspects of the metaverse.

So to make this very concrete, let’s go back to financial market regulation. And I see some

comments about the slides. We should be on the Three Subfields of Metanomics now. So to

make this concrete, let’s go back to financial market regulation. Someone who is interested

in immersionist metanomics might ask a question like, “How does the Second Life

Exchange Commission, the SLEC, try to regulate Second Life stock exchanges?”

You know, that’s an interesting question. They are in a difficult world because they don’t

have the power of a government to enforce whatever it is they come up with. So if you’re a

libertarian I think you’ll love this picture, because there’s no daddy government to come in

and enforce rules and regulations. Is it true that we’re better off without insider trading?

We’re going to see.

Now, if someone is coming to study financial market regulation from an Augmentationist’s

perspective, they might ask a question like, “Well, should the SEC be regulating these

exchanges?” Could a real-world bank or exchange find some opportunities in these

exchanges, maybe by educating investors and getting a marketing benefit from that or

helping firms develop more credible financial reporting for a fee, like a real-life auditor

might?” So that’s the Immersionist and the Augmentationists' perspective on metanomics.

There’s a third subfield of metanomics, which I call Experimentalist. Now, Experimentalists

want to use virtual worlds as laboratories to study real-world issues. And I want to say this is

how I got interested in this topic. For the last almost 20 years now I’ve been doing versions

of what’s called “experimental economics.” I’ve managed a laboratory here at Cornell since

1991, and what I’m doing is creating what I now think of as extremely small and simple

virtual worlds in which I study financial markets. So in those experiments, I create two

settings that are identical, except for one feature, and I compare how the settings behave.

Well, experimental metanomics can be a lot more ambitious than Experimental Economics

because we can have two virtual worlds with tens of thousands of people that are identical

except for one feature. And we can compare how those entire worlds behave.

Now, Experimentalists are not really a totally distinct category from Immersionists and

Augmentationists. Experimentalists are definitely Augmentationists because they’re using

the metaverse as a tool. But, unlike the Augmentationists’ perspective on metanomics, the

object of experimental study is not to typically the metaverse; instead, it’s the real world. So

for example, I might run an experiment to ask how the SEC should be enforcing,

implementing insider trading laws or whether Sarbanes Oxley makes sense. Well, what I

can do is create two worlds that have different insider trading laws, or that do and don’t have

Sarbanes Oxley provisions, and I can see how they vary. And I’m not learning, necessarily,

much about the virtual worlds; instead I’m learning about insider trading and Sarbanes

Oxley and what the SEC should do.

Okay. So that, I hope, gives you a larger sense of how I see metanomics and what this

course is likely to be about over the coming months.

Now, as we move on to the next slide, I just want to talk briefly here about features of the

metaverse that people who do not live in a virtual world may not quite understand. And

these really become very important no matter what perspective you are trying to take.

So here I have a slide that lists different features of the metaverse, and I want to start with

Collaboration and Networking. So virtual worlds are absolutely wonderful vehicles for global

networking. This event is a good example. I mean, I’m in Ithaca, New York, a small town

that we like to call “centrally isolated” because, no matter which direction you go, you’re far

from anything. 57 Miles is in the south of Denmark in an area pronounced The Lowlands,

which I’m told makes Ithaca look cosmopolitan. SLCN, who’s broadcasting this live, is

actually in Australia. So I guess I want to take a second to apologize to SLCN. I must really

be messing with your sleep habits here. But we are delighted that you are here. And of

course, I’m looking at faces of 70-some avatars who I know are from all over the world. So

that’s the first thing to understand about virtual worlds.

The second thing is to understand how immersive they are. There are countless stories

about World of Warcraft addiction and students who fail out of their courses because they

spend their entire time leading a guild of 40 people, basically running their own business.

Now, those stories might frighten parents, but they really excite educators. Why can’t I have

students staying up until 4:00 a.m. because they feel they just can’t stop until they

accomplish a quest that I set up for them?

Okay, information capture. This is a key element of virtual worlds. I talked yesterday with a

gentleman who’s created a bot, an automated object that scans all of the mainland areas of

Second Life and captures incredible data about land ownership, selling prices, sources of

streaming content, lots of things that many Second Life residents are going to think is

confidential. Well, sorry, it’s not. It’s not just that Linden Lab could hack into their servers

and check that out; another person who has the ability to get on the land can get that

information as well. And for people interested in marketing, there are obviously tremendous

opportunities, financial analysis and prediction. This all has implications we’re only

beginning to sort out.

Now, along with information capture--and you might think of this as the flip-side of a virtual

environment--is that we also have the ability to use code within virtual worlds to enforce the

laws. So this harks back to Lawrence Lessig’s book Code and the notion of code as law.

The notion here is that you can use code to keep people doing things you don’t want them

to do, so rather than deterrents with penalties and punishment, we simply have prevention.

So that’s great. But oh--and I see someone say, “Oh, here come the infomercials.” I don’t

know if it was in response to this, but it does fit, because I think there are a lot of business

opportunities in selling code-as-law products.

Finally, I just want to mention a few differences between virtual and real worlds that are

pretty interesting. In a real world, a building is called a rival-risk good because either I own it

or you own it; we can’t both be using it and living in it. In Second Life, someone can make a

building and create 100 copies, give them away while still retaining their own.

So when we talk about scarcity, which is the foundation of economics, the allocation of

scarce resources, we have to remember that the goods are rarely the scarce items. Instead,

it’s server space, it’s bandwidth, and it’s people’s time and labor. Any Marxists out there who

want to talk about labor and the value of capital? I don’t know if I’ll have any of those in a

session.

Okay. More surprisingly, even when people are in the same place at the same time, they

may be seeing totally different things. At the last Metaversed Live event that 57 Miles put

on, I believe it was Timporal Mitra who presented an object that would stream video to

anyone nearby; they could all watch it, but they would actually be seeing different streams.

So you have a group of people looking at the same object having very different experiences.

I think social scientists are going to have a great time taking the Experimentalist’s

perspective. I know we can do lots of fascinating experiments with a tool like that. So social

scientists, I hope you’re listening.

Okay, and related to that, by the way, is the notion of flexible identity, which social scientists

have looked at in tremendous detail already. You can be a man and come into Second Life

as a woman or vice versa. Or you can be any type of animal. I think I saw someone as a

soft-drink can the other day. So there are lots of possibilities, and again, I think social

science is going to have a lot interesting to find out about this.

Okay, I’m just about out of time. So all I want to do on this next slide--very quickly mention

some of the upcoming talks that we have. And I have taken a stab at splitting these by

Immersionist and Augmentationist. So we’ve got Josh Fairfield, a law professor, who’s

written on antisocial contracts, basically looking at contracting as a way that residents in the

world can arrange their affairs with one another: community standards, zoning, and

everything, and their limitations.

Jon “Neverdie” Jacobs, Anshe Chung and Raven Pennyfeather are all going to be featured,

and they are all basically making good money in businesses within worlds. Neverdie is

actually Entropia, and the other two are in Second Life. We’ll be talking about financial

market behavior. I haven’t set up yet the people who are going to be on that. Richard Bartle,

who is one of the original names in virtual world development, is going to be with us, and

Ted Castranova, who wrote an excellent book and is coming out with another, is also going

to talk about what’s on his mind.

We’re going to have a very heavy Augmentationists focus starting, actually, this Thursday

with Sandra Kearney from IBM talking about what IBM is doing in virtual worlds. We’re going

to have Brian Camp, a law professor, and Dan Miller, who works for Congress as a senior

economist on the taxation and regulatory outlook of virtual world commerce. And finally,

Julian Dibbell, who many of you I think may have seen, had an article in the New York

Times magazine recently about gold farmers: people who have massive server farms or

human farms of people in China and other places who are making money in games like

World of Warcraft and Entropia because the profit is there to be made.

I don’t yet have any Experimentalists lined up. We are going to get there. I view that maybe

as a little more graduate level, and I know I need to learn a lot more. And I think the

researchers need to catch up a little bit before we’re going to have a whole lot of that to talk

about. But that to me, personally, is going to be one of the most fascinating parts of this

endeavor.

Okay, so that’s pretty much what I have to say. In closing, I just want to mention, as it says

on this very last slide, that this is more than just a series of live events. This is, I view, as I

said on the Metanomics Web site, I view the live events as the grain of sand in the oyster.

And it’s everything we do around it that creates the pearls. So we are going to be working to

post pre-events, suggested readings, questions for speakers, post-event analysis, but we

really need your help. My goal here is to build a community of people who are interested in

these topics, and that’s one reason I’m so delighted to see you all here. So if you can get on

the Web site and write some comments, and if you feel like you’re going to say something

that you think is insightful enough and controversial enough that it’s going to create its own

comments stream, register on the site, post a story, and it’ll have its own comment thread.

The other thing is that already this is just becoming a sort of a data clearinghouse. I have

people coming to me saying, “I have interesting data.” And I’d love to find those

econometricians out there who are good with data-mining, time series. This is pretty high-

level stuff, and I think very interesting. So if you’ve got the econometric skills or the data-

mining skills, let me know, and I may be able to link you up with someone who’s got some

really fascinating data.

Last thing I want to mention is there’s no such thing as a free event. As far as I can tell, I am

the only one who’s a volunteer in this series. Everyone else needs to put food on the table,

and so we are looking for corporate sponsors or other people that can help us out. So if

you’re interested in being part of what we’re doing, talk with 57 Miles of Metaversed for

financial support. If you want to talk about being on the show or someone you think should

be on the show, probably go directly to me.

Okay. Well, I’m afraid, as I said I would, I went a little longer than anticipated, but we’ve still

got about 15 minutes here for Q&A. So thank you all for listening, and I’m going to then let

57 Miles moderate some of these questions. Or you can, at this point, maybe also IM me

because I’m done with my planned presentations.

57 MILES: We have a couple of questions coming in. Thanks, Beyers Sellers.

BEYERS SELLERS: Great.

57 MILES: Thanks everyone. Sequoia Hax says, “Is Second Life generating value, i.e.,

could it be considered an underground service economy that’s generating value which can

then migrate from online to offline?”

And if you want to ask a question, guys, please right-click me and choose IM. I’m standing

on your right. I’m the bald guy in the black t-shirt.

BEYERS SELLERS: Yeah, so Sequoia, I think the answer to that is definitely yes. And

there were a few parts of that question. First, is it creating value? Well, I can tell you that

what I am doing now and the connections I’ve made outside of Second Life I never could

have done this without something like Second Life. Another thing you mentioned was “Is it

an underground economy?” and I think at this point, I would have to say, by definition, yes,

because really, as far as I know, no one is paying taxes on anything until they’re converting

their Lindens into dollars.

And then I do hope everyone listening is being a good citizen and paying taxes because I’m

pretty sure you owe it then. So Sequoia, actually chatted on a little clarification saying, “I

meant real-life value.” And I think that’s there, too, absolutely. And I hope that by the end of

this series a lot of you are realizing that there is a lot of value to be made here.

That said, I think that there’s a huge amount of hype surrounding Second Life, and a lot

people who are doing things that I think is not going to earn them money. I think it’s also a

very realistic possibility that some company, with a lot more money than Linden Lab, like an

IBM or a Sun or an Intel or a Sysco Systems or a Sony could simply just eat--they could

create a competing platform and potentially eat Linden’s lunch.

Okay, do we have any other questions, 57 Miles?

57 MILES: No, I think we’re good. I think we’re going to call it a day there. I have a whole

bunch of IMs here, but most of them are people that couldn’t get into the sim, unfortunately.

You will be able to see this archived on slcn.tv. We’ll also be putting up a video on both

blip.tv and Metaversed YouTube channel. We’ll get an audio podcast out for you guys

tomorrow as well. I think it’s just remains to thank Beyers Sellers for getting up there and

introducing the event and everyone for coming and for turning up for the Metanomics 101

event, which was just fantastic. Thanks everyone.

BEYERS SELLERS: Okay, thank you all for coming. I’m actually going to hang around a bit

to answer questions, and hopefully urge you guys to get on the site.

[END OF AUDIO]

Document: cor2001.doc

Transcribed by: http://www.hiredhand.com

Second Life avatar: Transcriptionist Writer