MindArk PE AB, the developer of Entropia Universe, is offering a prize consisting of “a Unique Land Area as well as a Full Set of Unlimited Supremacy Armor,” apparently worth $30K (USD), for the winner of a music video contest, according to MarketWatch.

Entrants must make a machinima video using the track “Let it Rock” by Kevin Rudolf featuring Lil Wayne (YouTube won’t let us embed the video, but it’s here.) The video must use Entropia graphics, and also heralds the game’s launch of CryENGINE(R)2 as its render engine (the same one that will feature in the ‘any day now’ Blue Mars).

“We really wanted to inspire and motivate the most creative minds within Entropia,” said David Simmonds, MindArk’s director of business development, “to use our new CryENGINE(R)2 graphics to produce amazing content for a music video. This is a groundbreaking contest, as it marks the first time a virtual world has offered a virtual prize with such a high market value in real currency.”

Entropia prides itself on its economy so perhaps it’s no surprise that they are making a splash with the promotion of this contest. Their world contains interoperable 3D virtual worlds that all exist within the Entropia Universe. In 2007, according to the company, players traded $400 million in user-to-user transactions. Compared with Facebook, which is predicting $100 million in transactions this year, not a bad tally.

More info on entering the contest here.