The site that turns the real world into a virtual one, Weblo, has just announced the figures for recent real estate transactions on the site.

Launched at the end of September, Weblo members have been busy turning profits on the land that they grabbed at the outset.

The state of California has sold for $53,000 – and those are real-world dollars – while New York has gone for $18,433.

The virtual mayor of Washington DC sold his city for a 300% profit, which isn't bad in just a couple of months, while the Empire State building, purchased for $1, has now sold for $250.

Real estate isn't the only way members make money. They also receive advertising revenue from ads on their Weblo websites, while city, state, and airport owners receive a cut of transactions in their territories.

“This s social networking with commerce, where members finally get paid for their popularity”, said Rocky Mirza, CEO and cofounder of Weblo.com.

There are five levels of membership available, from basic, which is free, to VIP, which costs $30 a month.

Pocket-lint interviewed the CEO before the official launch of the site; follow the link below to read it.