A market research firm has won a contest looking for the most realistic and profitable business model for execution within the virtual world of Second Live, reports CNET. The firm, Market Truths, was determined to have the most potential for profit of the business plans submitted to the contest, which was sponsored by public relations firm Edelman and Second Life-services provider Electric Sheep.

Market Truths was chosen in large part because it would be doing in-world what it’s already doing in the real world and also because its plan seemed to be the most executable. The prize for winning is six months’ free access to a Second Life island and 350,000 Linden Dollars.

Market Truths will collect data on both the real-world and virtual-world lives of Second Life members. Those who have already signed up to participate in the research have received a small fee, paid in Linden Dollars. The collected data would be useful to brands using Second Life as a marketing or e-commerce platform. By studying members’ behavior in both the real and virtual world, marketers hope to be able to connect attitudes and improve the user experience.

Runners up in the contest submitted plans for in-world music distribution, communication tools and more. The interest in this contest and continued focus on Second Life shows that the virtual community will play an increasingly important