Ok so Second Life is the latest and most advanced virtual gaming experience. It is a world where users create anything they want, and everything in the game has been created by a user. It is representative of the Web 2.0 thing that I have written about before - go to the digital section of this blog to read more.
This makes users directly responsible for their own experience - down to the species of the organism they choose to be in the game (you can of course create your own).
The currency in the game is the Linden, which now has a real value in this world - the exchange rate is $1 to 309 Linden.
People buy, sell, rent land in the game - recently there was a court case in America that revolved around land rights in the game.
Check out the 'Wired' guide to Second Life here.
Brands are starting to have a presence in Second Life, as are Ad agencies - Leo Burnett and Bogle Begarty Hegarty (I can never get their name right). Reuters has just announced they are launching a news room in the game - http://secondlife.reuters.com/
For more Second Life news, check out Antony Mayfield's posts here.
Now I'm not sure whether this is just agencies and brands jumping on the band waggon because they can, or because they think it's a good idea. I think it may be the former...