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PlaySpan, a virtual goods marketplace, has raised $16.8 million in second round of funding from Easton Capital Group, Menlo Ventures, Novel TMT Ventures, and STIC. PlaySpan’s million dollar idea is to create a marketplace for online gamers to buy and sell virtual goods, like a new gun or a sword for your avatar in return for real world cash. According to CEO Karl Mehta the company is already working with more than 50 titles to enable buying and selling of goods for those games and has processed more than 50 million transactions in the past year.

Virtual goods is such a big market that China has officially acknowledged it as a form of commerce by imposing tax on virtual commodities.

Press Release (pdf)