Lord no!
It was called "Project Entropia", I thinks its "Entropia Universe" now. Basically you could put in real money and take out real money.
The only people who actually got anything however were people who'd been playing since it started and regularly put in a few hundred quid a month. You would always see the same group of people getting global rewards and massive loots worth a fair amount of real money. Loots were supposed to be fairly random but it didnt look like it.
You could go "sweating" (collecting an animal extract) without spending a penny, but because everyone did it you had to literally spend hours just to get a few in-game dollars worth. Couldnt really buy anything with that much.