System and method for item-based economy in a virtual world

A method for use by a server to provide an item exchange for a virtual world lacking a common currency for item valuation, the method comprising:

• receiving a request from a client to initiate the item exchange, the client having an inventory including a first quantity of tradable items, wherein the first quantity of tradable items has a first exchange value defined by a second quantity of second items and has a second exchange value defined by a third quantity of third items;
• presenting a user interface on a display of the client for the item exchange;
• receiving a selection of either the second quantity of second items or the third quantity of third items for the item exchange from the client;
• removing from the inventory of the client the first quantity of tradable items defined by the first exchange value or the second exchange value, based on the selection;
• and
• adding the second quantity of second items or the third quantity of the third items to the inventory of the client, based on the selection.