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They can explore the world (known as the grid), meet other residents, socialize, participate in both individual and group activities, build, create, shop and trade virtual property and services with one another.The platform principally features 3D-based user-generated content.In August 2010, Linden Lab closed the teen grid due to operating costs.

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A Premium membership (US$9.95 monthly, US$22.50 quarterly, or US$72 annually) extends access to an increased level of technical support, and also pays an automatic stipend of L$300/week into the member's avatar account, and after 45 days that resident will receive a L$700 bonus, making it L$1,000 for that week.

This amount has decreased since the original stipend of L$500, which is still paid to older accounts.

Second Life also has its own virtual currency, the Linden Dollar, which is exchangeable with real world currency.

Built into the software is a 3D modeling tool based on simple geometric shapes that allows residents to build virtual objects.

In January 2008, residents spent a total of 28,274,505 hours "inworld" and on average 38,000 residents were logged in at any moment.

The maximum concurrency (number of avatars inworld) recorded is 88,200 in the first quarter of 2009 In 2010, Kingdon was replaced by Rosedale, who took over as Interim CEO.As a result, the initial objective-driven, gaming focus of Second Life was shifted to a more user-created, community-driven experience.Unlike a traditional computer game, Second Life does not have a designated objective, nor traditional game play mechanics or rules.At the same time, the service saw a period of exponential growth of its user base.On December 11, 2007, Cory Ondrejka, who helped program Second Life, was forced to resign as chief technology officer.The Second Life terms of service provide that users retain copyright for any content they create, and the server and client provide simple digital rights management (DRM) functions.

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