A gaming system having virtual assets comprises a wager input device, at least one gaming terminal comprising a display for displaying a wagering game, and a virtual asset server in communication with the at least one gaming terminal, the virtual asset server storing and managing one or more types of virtual assets, each type of virtual asset having a different plurality of attributes associated therewith. The system comprises at least one controller operative to cause the first display to display the first wagering game, in response to a first triggering event, award one or more of the virtual assets to a player of the first wagering game, store information regarding the awarded virtual assets in a player account associated with the player and accessible to the virtual asset server, and provide a monetary award to the player for any winning outcomes achieved during play of the first wagering game.