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      Chinese gamer spends $16,000 on virtual sword

      TIME reports:

      A Chinese gamer spent $16,000 on a virtual sword for a game that hasn't even been released yet.

      The virtual sword was sold at an auction to celebrate the launch of the highly anticipated game "Age of Wulin."

      The game is a fantasy MMORPG, or massively multiplayer online role-playing game and is set in ancient China.

      Other items sold include a sheath for Hook of Departuresold for $1,600and a Lordly Spear Sheathsold for $2,500.

      Buying virtual items in MMORPGs is common and values the virtual economy at $3 billion.

      Watch the official trailer for the game here.