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 Departure—sold for $1,600—and a Lordly Spear Sheath—sold 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.