Impacts of the Emerging Social Network Models and rapid rise of online games is both a social and business phenomenon, the impact of which is only beginning to be understood. The consumer-powered Web 2.0 creates innovative ways for businesses to operate and people to communicate. 1) What is driving the emergence of virtual communities? Is the rapid rise in their valuations justified? 2) How are companies beginning to use social networking strategies for product and market development, as well as for communication?