The Wall Street Journal reports (subscription required) that Live Gamer Inc. is working with massive multiplayer online game makers to create a platform to allow players to trade virtual gear online -- for real money,.

According to the Journal, "Within fantasy games like "World of Warcraft" and Sony's "Everquest II," players can achieve status and advancement for their in-game characters by acquiring powerful weapons, armor and game currency. But many people prefer to purchase those virtual assets with real money instead of putting in the long hours of game playing required to earn them."

Industry estimates peg the amount of money consumers spend on virtual gear in online games at $2 billion per year.

Live Gamer is hoping to help legitimize a niche that has been rife with fraud for years -- gamers buying stuff and then not receiving it. Game companies receive complaints about these rip-offs but are powerless to do much because they had nothing to do with the transaction.

I predict great success for Live Gamer. But don't we already have a market for people to trade cool-sounding stuff that doesn't really exist?

Maybe virtual weapons should be sold on the Pink Sheets -- They're a lot more real than a lot of what people trade there now. For a few examples, check out this excellent piece from the Rocky Mountain News.