Yes, it's quite common. Back when Diabalo was popular weapons and equipment went for $100's to $1000's of dollars. The Sim Online had such a problem with it that they rewrote whole chucks of the game in an effort to try and clamp doing on people using scripts to rake in the money and then sell it on E-bay. I have heard of people who essentially spend their life online in these games using scripts and other systems to make money, get items, etc, and then sell them to make their living.
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