With the economy still in a precarious state, it would seem crazy to pay money for nothing. But consumers, social gamers, and others are making the sales of virtual goods a robust business. Companies and social media sites are using virtual goods – whether sold or given away to users for free – as a way of building brand awareness and loyalty.

According to the New York Times, Volvo Cars of North America, H&M, and MTV Networks are some of the companies are using these “items” to engage with consumers.

Besides the info about virtual goods, this story reminds us about Second Life, which, in case you didn’t realize it, is still up and running. According to the story, “Initially, virtual goods buyers in the United States were typically playing in online fantasy worlds like Second Life and IMVU, which generate nearly $1 billion annually from player purchases of furniture, homes, clothing and accessories for their online avatars.”