Comment by netcan

I'm not sure "value" is the correct question. Value depends on... values, I guess.

In any case, I suspect Graeber would have advised asking them. The grinders in manilla. The currency buyers, traders, etc. Cultural reasons are hard to extract from their cultural context without resorting to essentialism.

There are differences between a game where money comes from grinding, even if 3rd party and outsourced, and a pay-to-play currency. I suspect the people participating in that economy have a narrative, and that it makes some sort of internal sense. That's culture.