What is RMT/RCE or Microtransactions?

RMT, RCE, otherwise known as Real Money Transaction and Real Cash Economy, and microtransactions identify the type of small scale commerce being allowed in a videogame or Virtual World.  RMT, RCE, or microtransactions, generally describes the system where virtual goods and services are sold or otherwise made available to users or players for small payments.  Depending on the specific game of world these payments may take the form of real dollars or may only be limited to payment of “virtual” currency.  Second Life’s Linden Dollar, Entropia Universe’s PED, the Sims Online’s Simolean and World of Warcraft’s Gold are examples of virtual currency.