Wikipedia defines Virtual Goods as being non-physical objects purchased for use in online communities or online games (Wikipedia.org, 2012).
Relative to video games, virtual goods are purchased through micropayments (microtransactions) or Direct Payments. These transactions occur through online payment services like PayPal direct credit card payment on a game company’s website.
The price range of Virtual Goods is quite broad, though a typical range is anywhere from a few cents to to $20. These online goods can be anything from an in-game weapon, vehicle, or game currency (gold or points).
Players often refer to Virtual Goods as "in-game items."
Examples of usage:
- "Virtual Goods are really driving up our revenue for this game."
- “If you don’t have a lot of time, buying In-Game Items is a quick way to get some sweet in-game loot."
References: http://en.wikipedia.org/wiki/Microtransaction. Retrieved on 6/8/2012.